<SEC-DOCUMENT>0001173382-14-000023.txt : 20140627
<SEC-HEADER>0001173382-14-000023.hdr.sgml : 20140627
<ACCEPTANCE-DATETIME>20140627090642
ACCESSION NUMBER:		0001173382-14-000023
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20140331
FILED AS OF DATE:		20140627
DATE AS OF CHANGE:		20140627

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:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31402
		FILM NUMBER:		14944306

	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>40-F
<SEQUENCE>1
<FILENAME>form40-fjune1314final.htm
<DESCRIPTION>FORM 40-F
<TEXT>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">UNITED STATES </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Washington, D.C.
20549</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FORM 40-F</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(Check One)</font></p>

<p style="line-height:12.0pt;margin:0in;margin-bottom:.0001pt;margin-left:24.0pt;text-indent:-24.0pt;"><font face=wingdings lang=EN-US style="font-size:11.0pt;">&#168;</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160; Registration statement pursuant to
Section&nbsp;12 of the Securities Exchange Act of 1934</font></p>

<p align=center style="line-height:12.0pt;margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">or</font></p>

<p style="line-height:12.0pt;margin:0in;margin-bottom:12.0pt;margin-left:23.75pt;margin-right:0in;margin-top:0in;text-indent:-23.75pt;"><font face=wingdings lang=EN-US style="font-size:11.0pt;">&#254;</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160; Annual report pursuant to Section&nbsp;13(a) or
15(d) of the Securities Exchange Act of 1934</font></p>

<p style="line-height:18.0pt;margin:0in;margin-bottom:12.0pt;text-indent:22.3pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">For fiscal year ended:&#160;&#160;&#160;&#160;&#160;&#160;&#160; March
31, 2014&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Commission File number: 1-31402</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CAE INC.</font></b></p>

<p align=center style="line-height:12.0pt;margin:0in;margin-bottom:.25in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(Exact name of
Registrant as specified in its charter)</font></p>








<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Canada</font></b></p>

<p align=center style="line-height:12.0pt;margin:0in;margin-bottom:.0001pt;text-align:center;"><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(Province or Other Jurisdiction of
Incorporation or Organization)</font></i></p>

<b><font face="times new roman" lang=EN-US style="font-size:12.0pt;"><br clear=all>


</font></b><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3699</font></b></p>

<p align=center style="line-height:12.0pt;margin:0in;margin-bottom:.0001pt;text-align:center;"><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(Primary Standard Industrial Classification
Code Number, if applicable)</font></i></p>

<b><font face="times new roman" lang=EN-US style="font-size:12.0pt;"><br clear=all>


</font></b><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Not Applicable</font></b></p>

<p align=center style="line-height:12.0pt;margin:0in;margin-bottom:.0001pt;text-align:center;"><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(I.R.S. Employer Identification Number, if
applicable)</font></i></p>













<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=FR-CA style="font-size:12.0pt;">8585
C&#244;te-de-Liesse, Saint-Laurent, Qu&#233;bec, H4T 1G6</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=FR-CA style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">514-341-6780</font></b></p>

<p align=center style="line-height:12.0pt;margin:0in;margin-bottom:12.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(</font><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Address and
Telephone Number of Registrant&#8217;s principal executive office)</font></i></p>

<p align=center style="line-height:12.0pt;margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">CT Corporation System, 111 Eighth Avenue,
13<sup>th</sup> Floor, New York, NY&#160; 10011 (212) 894-8700</font></b></p>

<p align=center style="line-height:12.0pt;margin:0in;margin-bottom:12.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(</font><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Name, Address
and Telephone Number of Agent for Service in the United States)</font></i></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Securities registered or to be registered pursuant to
Section&nbsp;12(b) of the Act:</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Title of Each Class</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name
of Each Exchange</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">On
Which Registered</font></u></p>

<p align=left style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Common Shares,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; New
York Stock Exchange<br>
including associated Common Share <br>
purchase rights pursuant to the Registrant&#8217;s</font></b></p>

<p align=left style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Shareholder Rights Plan, which purchase
rights <br>
will trade together with the Common Shares </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Securities
registered or to be registered pursuant to Section&nbsp;12(g) of the Act:&#160;&#160;
none</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Securities for
which there is a reporting obligation pursuant to Section&nbsp;15(d) of the
Act:&#160; none</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">For annual reports, indicate by check mark
the information filed with this form:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=wingdings lang=EN-US style="font-size:11.0pt;">&#254;</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160; Annual Information Form&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face=wingdings lang=EN-US style="font-size:11.0pt;">&#254;&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160; Audited Annual Financial Statements</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Indicate the
number of outstanding shares of each of the issuer&#8217;s classes of capital or
common stock as of the close of the period covered by the annual report:&#160; </font><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">263,771,443
common shares</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Indicate by check mark whether the
registrant:&#160; (1) has filed all reports required to be filed by Section&nbsp;13
or 15(d) of the Exchange Act during the proceeding 12 months (or for such
shorter period that the registrant was required to file such reports); and (2)
has been subject to such filing requirements in the past 90 days.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Yes&#160;&#160; </font><font face=wingdings lang=EN-US style="font-size:11.0pt;">&#254;&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No&#160;&#160; </font><font face=wingdings lang=EN-US style="font-size:10.0pt;">&#168;&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>


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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Indicate by
check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
Registrant was required to submit and post such files).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Yes&nbsp;&nbsp; </font><font face=wingdings lang=EN-US style="font-size:10.0pt;">&#168;</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No&nbsp;&nbsp; </font><font face=wingdings lang=EN-US style="font-size:10.0pt;">&#168;</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></p>









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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">DISCLOSURE CONTROLS AND PROCEDURES</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A. Evaluation of disclosure controls
and procedures.</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; Disclosure controls and procedures
are designed to ensure that information required to be disclosed by CAE Inc.
(&#8220;CAE&#8221;) in reports filed with securities regulatory agencies is recorded,
processed, summarized and reported on a timely basis and is accumulated and
communicated to CAE&#8217;s management, including our President and Chief Executive
Officer and Chief Financial Officer, as appropriate, to
allow timely decisions regarding disclosure.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Under the
supervision of the President and Chief Executive Officer and Chief Financial
Officer, management evaluated the effectiveness of CAE&#8217;s disclosure controls
and procedures, as defined in Rule 13a-15(e) and 15d-15(e) under the U.S.
Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), as of March
31, 2014, the end of the period covered by this Annual Report on Form 40-F.&#160;
The President and Chief Executive Officer and the Chief Financial Officer
concluded from the evaluation that the design and operation of CAE&#8217;s disclosure
controls and procedures were effective as at March 31, 2014.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">B.
Management&#8217;s report on internal control over financial reporting.&#160; </font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CAE&#8217;s management is responsible for establishing and maintaining
adequate internal control over financial reporting, as such term is defined in
Rules 13a-15(f) and 15d-15(f) under the Exchange Act.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CAE&#8217;s
internal control over financial reporting includes those policies and
procedures that: (1)&nbsp;pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and
dispositions of CAE&#8217;s assets; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and
that CAE&#8217;s receipts and expenditures are being made only in accordance with
authorizations of its management and directors; and (3)&nbsp;provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of CAE&#8217;s assets that could have a material effect on the
financial statements.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Management
evaluated the effectiveness of CAE&#8217;s internal controls over financial reporting
as of March 31, 2014, based on the framework and criteria set forth in </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Internal
Control &#8211; Integrated Framework  <FONT face=times style="font-size:12px;color:teal;"> </FONT>(1992)
<FONT face=times style="font-size:12px;color:teal;"> </FONT></font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO), and has concluded that CAE&#8217;s internal control over
financial reporting is effective as of the end of the period covered by this
Annual Report on Form 40-F.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">C.
Attestation report of the Independent Auditors.</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;
PricewaterhouseCoopers LLP, independent auditors who audited and reported on
CAE&#8217;s financial statements included in this annual report, has issued an
attestation report on &nbsp;the effectiveness of CAE&#8217;s internal control over
financial reporting as of the end of the period covered by this Annual Report
on Form 40-F.&nbsp; This attestation report is included in Exhibit 99.2</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to
this </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Annual Report
on Form 40-F</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">D. Changes
in internal control over financial reporting.</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;
There were no changes to CAE&#8217;s internal control over financial reporting during
the year ended March&nbsp;31, 2014 that have </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">materially
affected, or are reasonably likely to materially affect, CAE&#8217;s internal control
over financial reporting. </font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">E.
Limitations on the effectiveness of controls.</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; A
control system, no matter how well designed and operated, can provide only
reasonable, not absolute, assurance with respect to the reliability of
financial reporting and financial statement preparation.&#160; Accordingly, CAE&#8217;s
management, including our President and Chief Executive Officer and our Chief
Financial Officer, does not expect that CAE&#8217;s internal control over financial
reporting will prevent or detect all errors and all fraud.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CAE will
continue to periodically review its disclosure controls and procedures and
internal control over financial reporting and may make modifications from time
to time as considered necessary or desirable.</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AUDIT COMMITTEE FINANCIAL EXPERT</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CAE&#8217;s board
of directors has determined that it has at least one audit committee financial
expert serving on its audit committee. The board of directors has determined
that Mr.&nbsp;Paul Gagn&#233; is an audit committee financial expert within the
meaning of General Instruction B(8)(a) of Form 40-F and is independent as that
term is defined by the New York Stock Exchange&#8217;s corporate governance standards
applicable to CAE. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The
Securities and Exchange Commission (the &#8220;Commission&#8221;) has indicated that the
designation of a person as an audit committee financial expert does not impose
on such person any duties, obligations or liability that are greater than those
imposed on such person as a member of the audit committee and the board of
directors in the absence of such designation and does not affect the duties,
obligations or liability of any other member of the audit committee or board of
directors. </font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CODE OF ETHICS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CAE has a
code of ethics entitled &#8220;Code of Business Conduct&#8221;. The Code of Business
Conduct applies to all officers and employees of CAE, including CAE&#8217;s principal
executive officer, principal financial officer, principal accounting officer,
agents, representatives, contractors, suppliers and consultants. CAE also has a
code of ethics called the Board Member Code of Conduct for members of its board
of directors.&#160; The Code of Business Conduct and the Board Member Code of
Conduct are available at CAE&#8217;s Internet website, </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">www.cae.com</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, in the
Corporate Governance section. Amendments to the Code of Business Conduct and
waivers, if any, for executive officers will be disclosed on CAE&#8217;s website.&#160;
Unless specifically referred to herein, the information on CAE&#8217;s website shall
not be deemed to be incorporated by reference in this annual report.&#160; </font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></b></p>


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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The disclosure provided under section </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">11 &#8220;Approval Of Services&#8221; on page 39 of Exhibit 99.1, Annual Information
Form, providing details on the fees billed by PricewaterhouseCoopers LLP, the
Company&#8217;s principal accountant, to CAE in each of the years ended March 31, 2014
and March 31, 2013 for professional services rendered to CAE, is incorporated
by reference herein.</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The
disclosure provided under section </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">11&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
&#8220;Approval of Services&#8221; on page 39 of Exhibit&nbsp;99.1, Annual Information
Form, is incorporated by reference herein. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">None of the
services described above under the captions &#8220;Audit-Related Fees&#8221; or &#8220;Tax Fees&#8221;
were approved by the Audit Committee pursuant to the de minimis exemption to
the pre-approval requirements provided by paragraph (c)(7)(i)(C) of
Rule&nbsp;2-01 of Regulation&nbsp;S-X. </font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">OFF-BALANCE SHEET ARRANGEMENTS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The
disclosure provided under section 7.2 &#8220;Off balance sheet arrangements&#8221; on page 36
of Exhibit&nbsp;99.3, Management&#8217;s Discussion and Analysis, is incorporated by
reference herein. </font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CONTRACTUAL OBLIGATIONS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The
disclosure provided under section 6.4&#160; &#8220;Contractual Obligations&#8221; on page 34 of
Exhibit&nbsp;99.3, Management&#8217;s Discussion and Analysis, is incorporated by
reference herein. </font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">IDENTIFICATION OF THE AUDIT COMMITTEE</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CAE has a separately-designated standing
Audit Committee established in accordance with Section 3(a)(58)(A) of the
Exchange Act.&#160; CAE&#8217;s Audit Committee is, as of the date hereof, comprised of
the following directors:&#160; Katharine B. Stevenson, Paul Gagn&#233;, Andrew J. Stevens
and Kathleen E. Walsh.</font></p>

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CONSENT TO</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SERVICE OF PROCESS</font></b></p>

<p style="line-height:12.0pt;margin:0in;margin-bottom:12.0pt;margin-left:48.05pt;margin-right:0in;margin-top:0in;text-indent:-48.05pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Undertaking</font></b></p>

<p style="line-height:12.0pt;margin:0in;margin-bottom:12.0pt;margin-left:48.05pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-48.05pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CAE Inc. (the
&#8220;Registrant&#8221;) undertakes to make available, in person or by telephone,
representatives to respond to inquiries made by the Commission staff, and to
furnish promptly, when requested to do so by the Commission staff, information
relating to: the securities in relation to which the obligation to file an
annual report on Form 40-F arises; or transactions in said securities.</font></p>

<p style="line-height:12.0pt;margin:0in;margin-bottom:12.0pt;margin-left:48.05pt;margin-right:0in;margin-top:0in;text-indent:-48.05pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Consent to Service of Process</font></b></p>

<p style="line-height:12.0pt;margin:0in;margin-bottom:24.0pt;margin-left:48.05pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.05pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Registrant has previously filed with the Commission a Form F-X
in connection with the Common Shares, including the associated Common Share
purchase rights pursuant to the Registrant&#8217;s Shareholder Rights Plan, which
purchase rights trade together with the Common Shares.</font></p>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 24pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SIGNATURES</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0.25in"><FONT style="FONT-SIZE: 12pt" lang=X-NONE face="Times New Roman">Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.</FONT></P>

<P style="MARGIN: 0in 0in 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Date:&nbsp;&nbsp; June 27, 2014&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CAE INC.</FONT></B></P>

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<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 228pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ___________________________________</FONT></P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 3.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Name: Hartland J. A. Paterson</FONT></P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 4in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Title: &nbsp; General Counsel, Chief Compliance Officer and Secretary</FONT></P>

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   <P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit No.</FONT></B></P></TD>

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   <P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Description</FONT></B></P></TD></TR>

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   <P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">99.1</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Annual Information Form </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US>for the fiscal year ended March 31, 2014, d</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ated June 12, 2014</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">99.2</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Audited annual financial statements for the fiscal year ended March 31, 2014</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.25in; PADDING-RIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="28%">

   <P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">99.3</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Management&#8217;s Discussion and Analysis for the fiscal year ended March 31, 2014</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">99.4</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Consent of PricewaterhouseCoopers LLP</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.25in; PADDING-RIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="28%">

   <P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">99.5</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.25in; PADDING-RIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="72%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Certification of Marc Parent required by Rule 13a-14(a) or Rule 15d-14(a)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.25in; PADDING-RIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="28%">

   <P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">99.6</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.25in; PADDING-RIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="72%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Certification of St&#233;phane Lefebvre required by Rule 13a-14(a) or Rule 15d-14(a)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.25in; PADDING-RIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="28%">

   <P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">99.7</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.25in; PADDING-RIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="72%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Certification of Marc Parent pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.25in; PADDING-RIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="28%">

   <P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">99.8</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.25in; PADDING-RIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="72%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Certification of St&#233;phane Lefebvre pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.25in; PADDING-RIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="28%">

   <P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">99.9</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.25in; PADDING-RIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="72%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Notice and Management Proxy Circular dated June 12, 2014 (incorporated by reference to CAE&#8217;s Form 6-K (commission file no. 1-31402) furnished to the Commission on June 27, 2014</FONT></P></TD></TR></TABLE></DIV>

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FORM</font></b></p>

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Year Ended March 31, 2014)</font></b></p>

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<p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><i><font face=helvetica,sans-serif lang=FR-CA style="font-size:9.0pt;">8585 Chemin
C&#244;te-de-Liesse</font></i></p>

<p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><i><font face=helvetica,sans-serif lang=FR-CA style="font-size:9.0pt;">Saint-Laurent,
Qu&#233;bec</font></i></p>

<p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=FR style="font-size:9.0pt;">June 12, 2014&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><i><font face=helvetica,sans-serif lang=FR style="font-size:9.0pt;">Canada H4T 1G6</font></i></p>









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<p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face=helvetica,sans-serif lang=FR style="font-size:9.0pt;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;">TABLE OF CONTENTS</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219035"><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">1.</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160; </font><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">CORPORATE STRUCTURE OF CAE</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">3</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219036"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">1.1</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Name,
Address and Incorporation</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">3</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219037"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">1.2</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Inter-corporate
Relationships</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">4</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219038"><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160; </font><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">OVERVIEW OF CAE AND THE
DEVELOPMENT OF ITS BUSINESS</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">4</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219039"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.1</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Overview&nbsp;</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">4</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219040"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.2</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Geographic
and Segment Revenues and Locations</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">4</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219042"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.3</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">CAE&#8217;s
Vision</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">6</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219043"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.4</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Our
Strategy and Value Proposition</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">6</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219044"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.5</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Industry
Overview and Trends</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">8</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219045"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.6</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Research
and Development (&#8220;R&amp;D&#8221;)</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">9</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219046"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.7</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Production
and Services</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">10</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219047"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.8</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Specialized
Skills and Knowledge</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">10</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219048"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.9</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Competition&nbsp;</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">11</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219049"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.10</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Components&nbsp;</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">12</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219050"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.11</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Intangible
Properties</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">12</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219051"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.12</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Cycles&nbsp;</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">13</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219052"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.13</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Environmental
Liabilities</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">13</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219053"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.14</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Employees&nbsp;</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">13</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219054"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">2.15</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Foreign
Operations</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">13</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219055"><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">3.</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160; </font><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">DESCRIPTION OF THE BUSINESS
SEGMENTS</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">14</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219056"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">3.1</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Simulation
Products/Civil (&#8220;SP/C&#8221;)</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">14</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219057"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">3.2</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Training
&amp; Services/Civil (&#8220;TS/C&#8221;)</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">15</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219058"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">3.3</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">SP/C
and TS/C Market Trends and Outlook</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">17</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219059"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">3.4</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Simulation
Products/Military (&#8220;SP/M&#8221;)</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">18</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219060"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">3.5</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Training
&amp; Services/Military (&#8220;TS/M&#8221;)</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">20</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219061"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">3.6</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">SP/M
and TS/M Market Trends and Outlook</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">21</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219062"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">3.7</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Military
Contracts</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">23</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219063"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">3.8</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">New
Core Markets</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">23</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219064"><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">4.</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160; </font><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">RISK FACTORS</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">26</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219065"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">4.1</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Risks
relating to the Industry</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">26</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219066"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">4.2</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Risks
relating to the Company</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">28</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219067"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">4.3</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Risks
relating to the Market</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">30</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219068"><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">5.</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160; </font><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">DIVIDENDS&nbsp;</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">31</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219069"><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">6.</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160; </font><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">DESCRIPTION OF CAPITAL STRUCTURE</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">32</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219070"><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">7.</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160; </font><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">MARKET FOR SECURITIES</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">32</font></font></a></p>


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<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219071"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">7.1</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Trading Price and Volume</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">32</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219072"><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">8.</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160; </font><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">DIRECTORS AND OFFICERS</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">33</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219073"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">8.1</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Name
and Occupation</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">33</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219074"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">8.2</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Cease
Trade Orders, Bankruptcies, Penalties or Sanctions</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">37</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219075"><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">9.</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160; </font><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">TRANSFER AGENTS AND REGISTRARS</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">38</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219076"><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">10.</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">AUDIT COMMITTEE</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">38</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219077"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">10.1</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Mandate&nbsp;</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">38</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219078"><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">10.2</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">Membership&nbsp;</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">38</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219079"><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">11.</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;text-transform:uppercase;">Approval
of Services</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">39</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219080"><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">12.</font><font color=windowtext face=calibri,sans-serif lang=EN-CA style="font-size:11.0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">ADDITIONAL INFORMATION</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">39</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219081"><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">GLOSSARY</font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">41</font></font></a></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_Toc389219082"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font color=blue face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">SCHEDULE A
&#8211; SUBSIDIARIES</font></font></a></p>

<p align=left style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;"><font face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;">SCHEDULE B - AUDIT
COMMITTEE MANDATE</font></p>





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<p align=center style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">INFORMATION INCORPORATED BY REFERENCE</font></b></p>

<p align=center style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></b></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE&#8217;s Management&#8217;s
Discussion and Analysis and our Consolidated Financial Statements for the year
ended March 31, 2014, and the notes thereto (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Consolidated Financial
Statements</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) appear in the Annual Report to Shareholders for the year ended
March 31, 2014 (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Annual Report</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;). The Consolidated Financial Statements
were prepared in accordance with Part 1 of the CPA Canada Handbook, referred to
as IFRS. The information contained in the Management&#8217;s Discussion and Analysis
and the Consolidated Financial Statements for the year ended March 31, 2014,
and the notes thereto, is specifically incorporated by reference into this
Annual Information Form (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">AIF</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;). Any parts of the Annual Report not
specifically incorporated by reference do not form part of this AIF. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Unless otherwise
noted, all dollar references in this Annual Information Form are expressed in
Canadian dollars.</font></b></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">References
to fiscal 2014 (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">FY2014</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) refer to the period from April 1, 2013 to
March 31, 2014, references to fiscal 2013 refer to the period from April 1, 2012
to March 31, 2013, and references to fiscal 2012 refer to the period from April
1, 2011 to March 31, 2012.&#160; </font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">This
</font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">AIF
contains
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">forward-looking
statements about our activities, events and developments that we expect to or
anticipate may occur in the future including, for example, statements about our
vision, strategies, market trends and outlook, future revenues, capital
spending, expansions and new initiatives, financial obligations and expected
sales. Forward-looking statements normally contain words like </font><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">believe</font></i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">, </font><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">expect</font></i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">,
</font><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">anticipate</font></i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">, </font><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">plan,&nbsp;</font></i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> </font><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">intend</font></i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">, </font><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">continue</font></i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">, </font><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">estimate</font></i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">,
</font><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">may</font></i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">, </font><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">will</font></i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">, </font><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">should, strategy, future</font></i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> and similar
expressions. By their nature, forward-looking statements require us to make
assumptions and are subject to inherent risks and uncertainties associated with
our business which may cause actual results in future periods to differ
materially from results indicated in forward-looking statements. While these
statements are based on management&#8217;s expectations and assumptions regarding historical
trends, current conditions and expected future developments, as well as other
factors that we believe are reasonable and appropriate in the circumstances,
readers are cautioned not to place undue reliance on these forward-looking
statements as there is a risk that they may not be accurate.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Important
risks that could cause such differences include, but are not limited to, risks
relating to the industry such as competition, level and timing of defence
spending, government-funded military programs, constraints within the civil
aviation industry, regulatory rules and compliance and conflict mineral rules,
risks relating to CAE such as product evolution, R&amp;D activities,
fixed-price and long-term supply contracts, procurement and original equipment
manufacturer (OEM) leverage, warranty or other product-related claims, product
integration, protection of intellectual property, key personnel, environmental
liabilities and claims arising from casualty losses, integration of acquired
businesses, our ability to penetrate new markets, length of sales cycle and our
reliance on technology, and risks relating to the market such as foreign
exchange, availability of capital pension plan funding, doing business in
foreign countries and income tax laws. Additionally, differences could arise
because of events that are announced or completed after the date of this AIF,
including mergers, acquisitions, other business combinations and divestitures.
You will find more information in the </font><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Risk Factors</font></i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> section of this AIF. We caution readers that
the risks described above are not necessarily the only ones we face; additional
risks and uncertainties that are presently unknown to us or that we may
currently deem immaterial may adversely affect our business.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Except
as required by law, we disclaim any intention or obligation to update or revise
any forward-looking statements whether as a result of new information, future
events or otherwise. The forward-looking information and statements contained
in this AIF are expressly qualified by this cautionary statement.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<h1 style="font-variant:small-caps;line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><a name="_Toc389219035"></a><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">1.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CORPORATE
STRUCTURE OF CAE</font></b></h1>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219036"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">1.1</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Name, Address and Incorporation </font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">On March 17, 1947
CAE Inc. (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Company</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;&nbsp;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> </font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">or &#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) was incorporated as Canadian
Aviation Electronics Ltd. under the laws of Canada by letters patent. In 1965,
the name of the Company was changed to CAE Industries Ltd. and in 1993 the
Company changed its name to CAE Inc.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE was continued
in 1977 under the </font><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Canada Business Corporations Act</font></i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CBCA</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;).&nbsp;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#160; </font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">In
1979, CAE&#8217;s articles were amended to change its authorized share capital to an
unlimited number of common shares, and again in 1981 to authorize an unlimited
number of preferred shares, issuable in series, with such rights, privileges,
restrictions and conditions as the Directors of CAE may determine. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">On June 9, 1995,
CAE&#8217;s articles were amended to authorize the Directors to appoint additional
Directors in accordance with the provisions of the CBCA. On April 1, 2001, the
Company amalgamated with CAE Electronics Ltd., our wholly-owned subsidiary.</font></p>


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  <td align=left valign=top style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

</div>

<p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">3</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_5"></a><a name="_bclPageBorder5"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE&#8217;s
registered office is located at 8585 C&#244;te-de-Liesse, Saint-Laurent, Qu&#233;bec</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">, </font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Canada
H4T 1G6, telephone: (514) 341-6780, fax: (514) 340-5530.</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219037"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">1.2</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Inter-corporate Relationships</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The direct and
indirect subsidiaries and other ownership interests of CAE are set out in
Schedule A hereto.</font></p>

<h1 style="font-variant:small-caps;line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><a name="_Toc389219038"></a><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">2.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">OVERVIEW
OF CAE AND THE DEVELOPMENT OF ITS BUSINESS</font></b></h1>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219039"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">2.1</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Overview&nbsp;</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE is a world
leader in providing simulation and modeling technologies and integrated
training services primarily to the civil aviation industry and defence forces
around the globe. We also leverage our simulation capabilities in healthcare
and mining markets. We are globally diversified with approximately 8,000 people
at more than 160 sites and training locations in approximately 35 countries. In
fiscal 2014, we had annual revenue exceeding $2.1 billion, approximately 90% of
which came from worldwide exports and international activities. We have the
largest installed base of civil and military flight simulators and a broad global
aviation training network. We offer civil aviation, military and helicopter
training services in 67 locations worldwide where we train approximately 120,000
civil and military crewmembers annually. Our main products include full-flight
simulators (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">FFS</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;s), which replicate aircraft performance in a full
array of situations and environmental conditions. We apply our simulation
expertise and operational experience to help customers enhance safety, improve
efficiency, maintain readiness and solve challenging problems. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Approximately half
of our revenue comes from the sale of simulation products, software and
simulator updates, and the balance from services including training,
maintenance, ab initio pilot training, aircraft crew sourcing and integrated
enterprise solutions.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Founded in 1947
and headquartered in Montreal, Canada, CAE has built an excellent reputation
and long-standing customer relationships based on nearly 70 years of
experience, strong technical capabilities, a highly trained workforce and global
reach.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE&#8217;s common
shares are listed on the Toronto and New York stock exchanges under the symbol
CAE.</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219040"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">2.2</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Geographic and Segment Revenues and Locations</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE&#8217;s consolidated
revenue from continuing operations in fiscal 2013 and 2014 was $2.035 billion and
$2.115 billion</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">respectively,
and is broken down as follows:</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:548.999939pt;">
 <tr style="height:12.6pt;">
  <td valign=top width=32% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><i><u><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Revenue by Segment (%)</font></u></i></b></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=6% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>
  </td>
 <td colspan=3 valign=top width=44% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><i><u><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Geographic
  Distribution of Revenue (%)</font></u></i></b></p>
  </td>
 </tr>
<tr style="height:24.6pt;">
  <td valign=top width=32% style="height:24.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=9% style="height:24.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">2014</font></b></p>
  </td>
 <td valign=top width=9% style="height:24.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">2013</font></b></p>
  </td>
 <td valign=top width=6% style="height:24.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=26% style="height:24.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=9% style="height:24.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">2014</font></b></p>
  </td>
 <td valign=top width=9% style="height:24.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">2013</font></b></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td valign=top width=32% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">SP/C</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">22</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">22</font></p>
  </td>
 <td valign=top width=6% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=26% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">US</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">31</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">30</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td valign=top width=32% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">TS/C</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">34</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">32</font></p>
  </td>
 <td valign=top width=6% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=26% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Germany</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">3</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">4</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td valign=top width=32% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">SP/M</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">25</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">28</font></p>
  </td>
 <td valign=top width=6% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=26% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Other European countries</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">18</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">16</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td valign=top width=32% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">TS/M</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">14</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">12</font></p>
  </td>
 <td valign=top width=6% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=26% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">UK</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">12</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">12</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td valign=top width=32% style="border-bottom:solid windowtext 1.5pt;height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">NCM</font></p>
  </td>
 <td valign=top width=9% style="border-bottom:solid windowtext 1.5pt;height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">5</font></p>
  </td>
 <td valign=top width=9% style="border-bottom:solid windowtext 1.5pt;height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">6</font></p>
  </td>
 <td valign=top width=6% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=26% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Other Asian countries </font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">9</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">10</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td valign=top width=32% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">100</font></b></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">100</font></b></p>
  </td>
 <td valign=top width=6% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=26% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Canada</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">8</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">10</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td valign=top width=32% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=6% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=26% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td valign=top width=32% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=6% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=26% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Australia</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">4</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">4</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td valign=top width=32% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=6% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=26% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">China</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">7</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">8</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td valign=top width=32% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=6% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=26% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">United Arab Emirates</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">3</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">2</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td valign=top width=32% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=6% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=26% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Other countries</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">5</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">4</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td valign=top width=32% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=6% style="height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=26% style="border-top:solid windowtext 1.5pt;height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="border-top:solid windowtext 1.5pt;height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">100</font></b></p>
  </td>
 <td valign=top width=9% style="border-top:solid windowtext 1.5pt;height:12.6pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">100</font></b></p>
  </td>
 </tr>
</table></div>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>




<p align=left style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>


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</DIV>
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The following sets
out, by business segment, the locations of CAE&#8217;s primary subsidiaries and
divisions: </font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:594.699951pt;">
 <tr>
  <td valign=top width=40% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
   <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Location</font></i></b></p>
   </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
   <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">SP/C</font></i></b></p>
   </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
   <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">SP/M</font></i></b></p>
   </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
   <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">TS/C</font></i></b></p>
   </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
   <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">TS/M</font></i></b></p>
   </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
   <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">NC/M</font></i></b></p>
   </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Canada</font></i></b></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Montreal,
  Qu&#233;bec</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Toronto,
  Ontario</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Ottawa, Ontario</font></p>
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Sudbury, Ontario</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Halifax, Nova
  Scotia</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Vancouver,
  British Columbia</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Europe</font></i></b></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Aberdeen, United
  Kingdom</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Amsterdam,
  Netherlands</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Barcelona, Spain</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Brussels,
  Belgium</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Burgess Hill,
  United Kingdom</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Budapest,
  Hungary</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Copenhagen, Denmark</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Dublin, Ireland</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Gatwick, United
  Kingdom</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Madrid, Spain</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Mainz, Germany</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Manchester,
  United Kingdom</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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<tr>
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  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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<tr>
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  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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<tr>
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<tr style="height:11.3pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;height:11.3pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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<tr>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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<tr>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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<tr>
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  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
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<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Veszprem,
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
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<tr>
  <td valign=top width=40% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;height:11.05pt;padding:0in 5.4pt 0in 5.4pt;">
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<tr style="height:13.1pt;">
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<tr style="height:14.95pt;">
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<tr>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Hong Kong, China</font></p>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Johannesburg,
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
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  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Kuala Lumpur,
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
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<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">Manila/Clark, Philippines</font></p>
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  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Melbourne,
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Mexico City,
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Nova Lima,
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 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
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  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
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  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Perth, Australia</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
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  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
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<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Santiago, Chile</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Seoul, Korea</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
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  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
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<tr>
  <td valign=top width=40% style="border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Shanghai, China</font></p>
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  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
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  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Singapore,
  Malaysia</font></p>
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Sydney,
  Australia</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=wingdings lang=EN-US style="font-size:9.0pt;">&#252;</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Arial,sans-serif style="vertical-align:baseline;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;text-decoration:none;">&nbsp;</font></font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219042"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">2.3</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">CAE&#8217;s Vision</font></b></h2>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We intend to be the partner of choice for customers operating in
complex mission-critical environments by providing the most innovative modeling
and simulation-based solutions to enhance safety and improve efficiency</font><font face=Helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">.&nbsp;</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219043"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">2.4</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Our Strategy and Value Proposition</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our
strategy</font></i></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We are a
world-leading provider of modeling and simulation-based training solutions. We
have a long history of serving the needs of customers in the civil aerospace
and defence and security markets, and the CAE brand has become synonymous with
safety, quality and reliability the world over.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our focus involves
supporting airlines, aircraft operators and defence and security forces with
their ongoing, long-term training needs. In defence and security, this means
helping forces to ensure mission readiness, and in civil aviation, the
necessity for training solutions is driven by the need for uncompromised safety
in globally regulated markets. Our unique ability to provide comprehensive
solutions, our technology leadership, proven customer support and a vast global</font><font face=helvetica,sans-serif lang=EN-US style="font-size:11.0pt;"> </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">presence
differentiates us in our end markets. We are invested in both mature and
emerging markets and this enables us to capitalize on current demand and future
growth opportunities. Approximately one third of our revenue comes from the
U.S., one third from Europe and one third from the rest of the world including
the higher growing, emerging markets.</font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Value proposition</font></i></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The value we
provide customers is the ability to enhance the safety of their operations,
improve their mission readiness for potentially dangerous situations and lower
their costs by helping them become more operationally efficient. We offer a
range of product and service solutions to enhance our customers&#8217; planning and
decision-making abilities. We also offer a broad global reach, and as a result,
we are able to provide solutions in proximity to our customers, which is an
important cost-benefit consideration for them.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our core competencies
and competitive advantages include:</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">World-leading
modeling and simulation technology;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Comprehensive
knowledge of training and learning methodologies;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Total
array of training products and services solutions;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Broad-reaching
customer intimacy;</font></p>


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<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">High
brand equity;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Proven
systems engineering and program management processes;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Best-in-class
customer support;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Well
established in emerging markets.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">World-leading
modeling and simulation technology</font></i></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We pride ourselves
on our technological leadership. Pilots around the world view our simulation as
the closest thing to the true experience of flight. We have consistently led
the evolution of flight training and simulation systems technology with a
number of industry firsts. We have simulated the entire range of large civil
aircraft in use today, a large number of the leading regional and business
aircraft and a number of civil helicopters. We are an industry leader in
providing simulation and training solutions for <br>
fixed-wing tanker and transport aircraft, maritime patrol aircraft, trainer
aircraft and helicopter platforms for the military. We also have extensive
knowledge, experience and credibility in designing and developing simulators
for first-to-market aircraft of major aircraft manufacturers. We now use our
expertise in modeling and simulation beyond training into other mission&#8209;critical
areas, such as emergency response services, where these technologies are used
to support superior decision&#8209;making capabilities. As well, we have
extended these capabilities to the healthcare and mining markets.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Comprehensive
knowledge of training and learning methodologies</font></i></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">With nearly 70
years of experience in simulation, we are an industry expert in aviation
training and are the industry&#8217;s training solution one-stop shop. We are
constantly introducing and implementing ways to improve safety and training
efficiency, from ab initio to professional pilot training. For instance, data
from simulation
training sessions is captured, analyzed and displayed to provide instructors
and trainees with real-time feedback on training performance, allowing focus on
priority development areas to increase training efficiency. We are also playing
a leadership role in supporting airlines toward the adoption of the Multi-Crew
Pilot Licence (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">MPL</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) program, the most recent pilot licence introduced
by the International Civil Aviation Organization (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">ICAO</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;), which embeds
the latest advances in learning leveraging simulation. Another example
is our industry leadership towards implementing Upset Prevention and Recovery
Training, specifically geared toward preparing pilots to address adverse and
extreme flying conditions. In the defence and security market, we
are increasingly leveraging our unique training systems integration
capabilities to offer customers across air, land, sea and public safety
comprehensive training solutions that can include training centres, training
services and simulation products. We are using our experience gained
in the development of training and learning methodologies in aerospace to bring
and enhance modeling and simulation technologies to our training solutions in
the healthcare and mining domains. In healthcare, we offer both training
expertise and the widest breadth of simulation training products in the
industry, with surgical, patient, and ultrasound simulators and trainers for
more than 20 medical specialties. Our simulation centre management system,
LearningSpace, effectively captures every aspect of a live simulation, allowing
the delivery of instant, multimedia debriefing sessions and ongoing training
improvement. In mining, we have borrowed from aviation standards to introduce
new solutions to train mining vehicle operators.</font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Total array of
training products and services solutions</font></i></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We offer a wide
array of training products, from desktop trainers to FFSs, addressing both our
civil and defence and security customers&#8217; training needs. With a large network
of training centres, we are also a global leader in aviation training providing
the complete solution to meet our customers&#8217; training and pilot sourcing needs.
Our pilot training programs span over 100 different civilian aircraft models
including commercial airliners, business aircraft and helicopters. In the
defence and security market, our programs involve training for transport
aircraft, helicopters, trainer aircraft, tankers, maritime patrol aircraft, remotely
piloted aircraft (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">RPA</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) systems, tanks, armoured fighting vehicles,
ships and other platforms. Our range of training services includes the
provision of curricula for pilot type training, cabin crew and maintenance
training. Our civil pilot sourcing solution adds value and moves our customers&#8217;
businesses forward by identifying, screening, selecting, training and
ultimately placing pilots at their airlines. In addition, we deliver civil ab
initio pilot training through CAE Oxford Aviation Academy (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE OAA</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;).&nbsp;</font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Broad-reaching
customer intimacy</font></i></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The
realization of our mission to be our customers&#8217; partner of choice is evident in
the relationships that we have with most of the world&#8217;s airlines, aircraft
operators, governments and original equipment manufacturers (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">OEMs</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;).
Our broad geographic coverage allows us to respond quickly and cost effectively
to customer needs and new business opportunities while having a deep
understanding of the regulations and customs of the local market. We operate a
fleet of over 259 full-flight and full-mission simulators </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">in
67 civil aviation and military training locations worldwide to meet the wide
range of operational requirements of our customers. Among our thousands of
customers, we have long-term training services agreements and joint ventures
with more than 30 major airlines and aircraft operators around the world and
relationships with approximately 50 defence operators in approximately 35
countries.</font></p>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">High brand equity</font></i></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We are
unique in the simulation industry as the only truly global company focused on
modeling, simulation, and training. We continually reinforce our focus,
experience and technology leadership as we position the Company with customers
around the world. We invest in building and maintaining our brand and
reputation as a company committed to innovation that will help its customers
enhance safety, improve efficiency, enhance decision-making and achieve mission
readiness. We are focused on offering the aviation industry&#8217;s most
comprehensive portfolio of simulation products, training services, and crew
sourcing with the ability to tailor a flexible training solution to the
individual requirements of each of our customers. Our simulation products are
rated among the highest in the industry for reliability and availability. This
is a key benefit because simulators normally operate in high-duty cycles of up
to 20 hours a day, seven days a week. We design our products so customers can
upgrade them, giving them more flexibility and opportunity as products change
or new air worthiness regulations are introduced. The CAE brand is synonymous
with industry-leading simulation technology as well as superior training and customer
support and we strive to be our customers&#8217; partner of choice for any simulation
and training related requirement. </font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Proven systems
engineering and program management processes</font></i></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We continue to
evolve our technology platform to meet the changing market needs, and to
develop solutions and deliver technically complex programs to help ensure that
there are trained and mission-ready aircrew and combat troops around the world.
We have a proven track record on delivering complex civil and military
first-to-market simulators. Our defence and security business unit
has several of its organizations around the world certified to Level 3 or above
of the Capability
Maturity Model Integration (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CMMI</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;), which is an internationally
recognized model of industry best practices in organizational process
improvement, project management, systems engineering and software development. Our
experience, coupled with our continued investment in research and development,
strengthens our technological leadership as well as our management expertise to
provide programs featuring sensor simulation for maritime operations, synthetic
tactical environments for naval and fighter operations as well as visualization
and common database technologies that deliver rich, immersive synthetic
environments for the most effective training and mission rehearsal possible.</font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></i></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Best-in-class
customer support</font></i></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We maintain a
strong focus on after-sales support, which is often critical in winning
additional sales contracts, as well as important update and maintenance services
business. Our customer support practices, including a web-based customer
portal, performance dashboard and automated report cards, have resulted in
enhanced customer support according to customer comments and feedback.</font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Well
established in emerging markets</font></i></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
pride ourselves in our local presence in each of our global markets, while
simultaneously maintaining the efficiencies and advantages of being an
international organization. This approach has enabled us to lead in high-growth
markets like China, Eastern Europe, the Indian sub-continent, the Middle East,
South America and Southeast Asia, where we have been active for several
decades.</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219044"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">2.5</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Industry Overview and Trends</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">The civil, defence and security, healthcare and mining
markets CAE serves are driven by factors particular to each market. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE believes the civil market is most affected by the
world gross domestic product, which in turn drives air travel, measured in
revenue passenger kilometers (&#8220;</font><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">RPK</font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#8221;). This positive RPK generation needs
to be satisfied by aircraft deliveries in addition to the existing fleet, and
then corrected for attrition. Finally direct factors influence the total
offering such as the nature, size and composition of aircraft fleets, aircraft
delivery schedules, pilot demographics, certification requirements and market
demand for commercial and business air travel, which in particular is also
influenced by corporate profits. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE believes the defence and security market is mostly
influenced by a combination of defence spending and the nature of military
activity. Demand for CAE&#8217;s defence and security products and services are also
influenced by the degree to which governments globally lean towards the
outsourcing of functions to the private sector. As well, CAE&#8217;s defence and
security business is affected by </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">the extent to which
synthetic training and mission rehearsal solutions gain market acceptance as an
alternative to live training, such as flying an actual aircraft or firing an
actual weapon. </font></p>
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<p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE believes the healthcare market is influenced by developments
in treatments for healthcare issues and, in some markets, government spending.
Demand for CAE&#8217;s healthcare products and services are also influenced by the
degree to which synthetic training and treatment rehearsal solutions gain
market acceptance as an alternative to the present system of on-the-job
learning assisted by seasoned clinicians.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE believes the mining market is influenced by economic
cycles and GDP growth. Demand for CAE&#8217;s mining products and services are also
influenced by the need for operational efficiencies that can be addressed by
CAE Mining&#8217;s solutions.</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219045"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">2.6</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Research and Development (&#8220;R&amp;D&#8221;)</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE&#8217;s competitive
strategy is hinged on technology leadership of its products and services. This
strategy is underpinned by a strong innovation culture and a long-standing
commitment to performing R&amp;D. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE uses leading practices
in the Global Engineering organization to ensure strategic alignment of the
technology roadmap with the business strategy. This special governance
mechanism, called the Innovation Board, is held periodically at the most senior
executive level of the Company, to align and review the vision and strategic
direction for R&amp;D. Making innovation materialize at all levels within CAE&#8217;s
products, services and processes throughout the operational execution continues
to be a strategic priority. To this end, a company-wide &#8220;Open Innovation
Challenge&#8221; process is deployed to all employees using an internal social media
platform to stimulate innovation. Our employees are proud to contribute to the innovation
journey leading to new products and services.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We are pleased to
report that the strategic initiative of technology convergence is progressing
as planned and is already demonstrating benefits. This project consolidates the
complete CAE technology stack into a single common platform that will provide
the building blocks for all of CAE&#8217;s products for the future.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We were also
pleased to introduce in FY2014 the new full flight simulator benchmark in the
industry, the CAE 7000XR. This simulator defines new customer experience
standards for pilots, for instructors, for maintenance technicians, and for
training center operators. It includes new customer interfaces, such as a next
generation instructor &#8220;office&#8221; which provides real time brief/debrief
capabilities. It also features new embedded training capabilities such as upset
recovery training systems as mandated by new regulations. This next generation
instructor environment is significant. The 7000XR also provides a novel
computing infrastructure that leverages cloud big data technologies to provide
a superior level of operational efficiency. In addition to the new software
design, the hardware for this simulator has been optimized to reduce long-term
life cycle operating costs.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Continuing on the
success of the 3000 series light helicopter simulator platform introduced in
2012, CAE has developed and launched a new larger version for mid to heavy
helicopters. The CAE 3600 series simulator has successfully entered the market
with innovative design features such as a 12ft direct projection visual system
providing a more immersive experience.&#160;&#160; </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE has continued
to advance its leadership position in simulation synthetic environments with
the release to market of its Dynamic Synthetic Environment (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">DSE</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) product
suite. The complete Presagis software tool set and the complete CAE synthetic
software stack have been augmented to be fully dynamic, persistent and
inter-operable. This technology places CAE in a leading position to support the
military forces vision of joint synthetic training.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">As a significant
outcome of the 2014 R&amp;D investment, CAE is pleased to report that it has
filed for nine patents covering the latest innovations in its products.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">In 2009, CAE
announced an investment of $714 million in Project Falcon, an R&amp;D program
that spanned over five years. Project Falcon concluded successfully in 2014.
Significant products and technologies were developed which contributed to the
success of the company. We are pleased to report that the Government of Canada
has decided to continue its support to CAE&#8217;s strategic technology development
with a repayable loan of $250 million, which was signed on February 27, 2014
for Project Innovate. CAE launched Project, Innovate, to develop its next
generation of simulation platforms for its civil aviation and defence markets.
It will create a state-of-the-art modular system which will be more efficient
and much easier to deploy and maintain. The new system will also enhance CAE's
user experience. In addition, CAE will develop technologies and training
solutions geared towards joint and networked operations in order to be a
training systems integrator in air, sea and land domains.</font></p>

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</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Production and Services </font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Production</font></i></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE&#8217;s manufacturing and assembly facilities are located in Montreal,
Canada; Tampa &amp; Sarasota, U.S.; Burgess Hill, U.K.; Bengaluru, India; and
Stolberg, Germany.&#160; </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">The manufacturing process for CAE Full Flight simulators is complex,
involving the coordination of more than 200,000 parts and millions of lines of
software code. The manufacture of a simulator includes six major stages:
design, manufacture &amp; assembly, integration &amp; testing, shipping, site
installation and final qualification on site. Military simulators, by virtue of
their tactical environments and weapons/sensor systems, are more complex and
unique than civil simulators and therefore may take more time to design,
manufacture and test.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Manufacturing is organized into ten manufacturing cells comprised of the
following three major disciplines: electronics (printed circuit board
assembly), electrical (cables, cabinets, aircraft instruments and avionics),
and mechanical (sheet metal and machine shop, precision assembly and
hydraulics, structural assembly and final assembly).&#160; Each cell has its own
planning, methodizing and set of specific products to deliver, which
establishes clear accountability for manufacturing performance.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Most of our manufacturing and integration activities for civil and
military simulation systems are conducted at CAE&#8217;s facilities in Montreal, with
some integration and update related work also being conducted at the Tampa,
Burgess Hill, Bengaluru, Sydney, and Stolberg sites. The Tampa facility
conducts military systems integration and testing activities for simulation
equipment destined for U.S. military-related contracts.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Services</font></i></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE&#8217;s training and service facilities are based around the world. While
our head office is located in Montreal, Canada, CAE provides training and
services from 67 locations across South America, North America, Europe, the
Middle East, India, China, Russia and Southeast Asia.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">These locations include Type Rating Training Organizations (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">TRTO</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#8221;)
offering pilot, maintenance and cabin crew training to business and commercial
aircraft operators; ab-initio training centres which provide commercial pilot
license training to aspiring pilots as part of CAE Oxford Aviation Academy (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE
OAA</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#8221;) initiative; and several locations from which CAE offers technical
support services to aviation training centres.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE&#8217;s courseware development is conducted in our Canadian, U.S. and
Indian facilities, and CAE&#8217;s flight data solutions are offered from Canada.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE provides a range of technical support services to civil and military
simulator operators, including parts replacement and repairs, installations,
relocations, upgrades and technical training. Customers use CAE&#8217;s technical
services to answer questions, troubleshoot and receive advice. This extends to
service visits by CAE&#8217;s engineers to assist in customer maintenance and repair
activities.&#160; Military and civil upgrade services are not restricted to CAE
products; CAE can upgrade most other manufacturers&#8217; simulators. CAE services
are offered either in conjunction with a sale of a simulator, through maintenance
contracts or individual purchase orders.&#160; CAE believes that our service
business provides opportunities to influence the upgrade of installed FFSs
while providing valuable insights into customer training needs.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE
also provides analytical and engineering services that leverage modeling and
simulation and other advanced technologies to develop innovative solutions to
our clients&#8217; most complex challenges. CAE offers clients a range of services
and subject matter expertise, including human factors and human system
integration, capability based planning, advanced synthetic environments, system
and software engineering for Command, Control, Communications, Computers,
Intelligence, Surveillance and Reconnaissance (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">C4ISR</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) and electronic
warfare systems, training systems and services, integrated information
environments, and in-service support for fleet operations and maintenance. </font></p>

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</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Specialized Skills and Knowledge </font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE employs
predominantly graduates in engineering and software development, as well as
pilots, instructors and other flight training experts. As an industry leader,
CAE is able to train our staff in the technology and software required for
simulation software and equipment. Flight trainers are typically recruited from
the ranks of former airline or military pilots. &#160;Recognizing that engineering
talent is at the center of the Company innovation capability, CAE has an
industry unique engineering career framework that will benefit the talent
pipeline within the CAE engineering community.</font></p>

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<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">2.9</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Competition&nbsp;</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We sell our
simulation equipment and training services in highly competitive markets. New
entrants have emerged in recent years and the competitive environment has
intensified as aerospace and defence companies position themselves to try to
take greater market share by consolidating existing civil simulation companies
and by developing their own internal capabilities. Most recently, Lockheed
Martin, L-3 Communications and Textron have all acquired commercial aircraft
simulator competitors. Most of our competitors in the simulation and training
markets are also involved in other large segments of the aerospace and defence
complex beyond simulation and training. As such, several of them are larger
than we are, and may have greater financial, technical, marketing,
manufacturing and distribution resources. In addition, some competitors have
well-established relationships with, or are important suppliers to, aircraft
manufacturers, airlines and governments, which may give them an advantage when
competing for projects for these organizations. In particular, we face
competition from Boeing, which has pricing and other competitive advantages
over us. Boeing has a licencing model for Boeing civil aircraft simulators
which includes a requirement for simulator manufacturers and service training
operators to pay Boeing a royalty to manufacture, update or upgrade a
simulator, and to provide training services on Boeing simulators.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Airbus
has decided to deepen its services offered to customers for training services.
OEMs like Airbus and Boeing have certain advantages in competing with
independent training service providers. An OEM controls the pricing for the
data, parts and equipment packages that are often required to manufacture a
simulator specific to that OEM&#8217;s aircraft, which in turn is a critical capital
cost for any simulation-based training service provider. OEMs may be in a
position to demand licence royalties to permit the manufacturing of simulators
based on the OEM&#8217;s aircraft, and/or to permit any training on such simulators.
CAE also has some advantages, including being a simulator manufacturer, having
the ability to replicate certain aircraft without data, parts and equipment
packages from an OEM, and owning a diversified training network that includes
joint ventures with large airline operators which are aircraft customers for
OEMs. We work with some OEMs on business opportunities related to equipment and
training services. </font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Periods of economic recession or credit
constraints for civil market products lead to heightened competition for each
available civil aircraft simulator sale. This in turn leads to a reduction in
profit on sales won during that period. Should such conditions occur, we could
experience further price and margin erosion. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">The markets in which we sell our products are highly competitive. Certain
competitors are also CAE&#8217;s customers, partners and suppliers on specific
programs. The extent of competition for any single project generally varies
according to the complexity of the product and the dollar amount of the
anticipated award.&#160; We believe that we compete on the basis of:</font></p>

<p style="line-height:13.0pt;margin-bottom:.0001pt;margin-left:17.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Quality, performance and flexibility of our
products and services;</font></p>

<p style="line-height:13.0pt;margin-bottom:.0001pt;margin-left:17.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Reputation for prompt and responsive
contract performance;</font></p>

<p style="line-height:13.0pt;margin-bottom:.0001pt;margin-left:17.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Accumulated technical knowledge,
intellectual property and expertise;</font></p>

<p style="line-height:13.0pt;margin-bottom:.0001pt;margin-left:17.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Strong after-sales support;</font></p>

<p style="line-height:13.0pt;margin-bottom:.0001pt;margin-left:17.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Flexibility of product/service offerings
being susceptible to tailor-made customer solutions;</font></p>

<p style="line-height:13.0pt;margin-bottom:.0001pt;margin-left:17.85pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Breadth of product line; and</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Price.&nbsp;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE&#8217;s future success will depend in large part upon our ability to
improve existing product lines, develop new products and technologies in the
same or related fields, improve delivery intervals and reduce the costs we
incur in producing our products and services.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE&#8217;s major competitors in the military simulation and training market
include Lockheed Martin, L-3 Communications Link Simulation (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">L-3
Communications</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#8221;) and Training, Boeing, Rockwell Collins, Indra Systems, BAE
Systems, Flight Safety International, SAIC, Leidos, Raytheon, General Dynamics,
Cubic, Elbit, Eurocopter, AgustaWestland, &#160;Rheinmetall Defence Electronics,
Saab and Textron.&#160; Some of these competitors are predominantly local (one
country or region) competitors. CAE sometimes partners with these and other
competitors to cooperate on program contracts.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE&#8217;s major competitors in the civil simulation equipment market include Lockheed
Martin, Flight Safety International, L3 Communications, Rockwell Collins, Tru
Simulation &amp; Training (Textron) and smaller players such as Indra. Some of
these competitors are low-cost providers with a limited product portfolio which
only addresses a subset of the overall market, while others offer a broader
product portfolio. CAE&#8217;s major competitors in civil pilot training include
Flight Safety International, Boeing </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Training and Flight Services,
Lufthansa Flight Training</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;"> and PanAm
International Flight Academy (ANA Holdings Inc).</font></p>

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<p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">11</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


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<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">2.10</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Components &nbsp;</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE deals with a
variety of goods and services suppliers across our business segments.&#160; Although
we are not overly dependent on any single supplier for any key manufacturing
components or services, </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE&#8217;s
products contain sophisticated computer systems that run on software and
operating systems supplied to us by third parties.&#160; Such computer systems and
software may not always be available to CAE to license or purchase.&#160; </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">The production of CAE simulators is often dependent upon receipt by CAE
of data, including confidential or proprietary data, concerning the functions,
design and performance characteristics of a product or system, the performance
of which CAE&#8217;s simulator is intended to simulate.&#160; CAE cannot guarantee that we
will be able to obtain such data on reasonable terms, or at all.&#160; Original
manufacturers of these products and systems could object to the simulation by
CAE of components of, or the totality of their products or systems, or could
request high license fees that could negatively impact CAE&#8217;s profit margins.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Most of the raw materials used in manufacturing (such as sheet metal,
wires, cables and electronic integrated circuits) are available off the shelf
from multiple commercial sources. The unique parts are the aircraft parts.
These are usually available from aircraft manufacturers, the resale market, decommissioned
or surplus aircrafts as well as through simulated part manufacturers.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">The availability of most parts in a timely manner facilitates a
relatively smooth production flow. Aircraft parts, in some instances, may be an
exception, especially on new/prototype aircraft types or those out of
production.&#160; The timely delivery of these parts is often the responsibility of
CAE&#8217;s customers. CAE&#8217;s contracts normally link these aircraft parts delivery
dates to the simulator delivery schedules. In cases where such aircraft parts
cannot be made available, CAE&#8217;s customers rely on CAE&#8217;s ability to make
simulated parts.</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219050"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">2.11</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Intangible Properties</font></b></h2>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We rely in part on trade secrets and
contractual restrictions, such as confidentiality agreements and licenses, to establish
and protect our proprietary rights. These may not be effective in preventing a
misuse of our technology or in deterring others from developing similar
technologies. We may be limited in our ability to acquire or enforce our
intellectual property rights in some countries.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Intellectual property</font></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our products contain sophisticated software
and computer systems that are supplied to us by third parties. These may not
always be available to us. Our production of simulators often depends on
receiving confidential or proprietary data on the functions, design and
performance of a product or system that our simulators are intended to
simulate. We may not be able to obtain this data on reasonable terms, or at
all.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Infringement claims could be brought against
us or against our customers. We may not be successful in defending these claims
and we may not be able to develop processes that do not infringe on the rights
of third parties, or obtain licenses on terms that are commercially acceptable,
if at all.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Litigation related to our intellectual
property rights could be lengthy and costly and could negatively affect our
operations or financial results, whether or not we are successful in defending
a claim.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE owns certain patents and has filed applications in respect of
additional patents. CAE enters into agreements containing non-disclosure and
confidentiality clauses with third parties and has similar provisions in place
with our employees to protect our proprietary information and trade secrets.
CAE also has internal policies concerning both ethics and intellectual property
which guide our employees in their dealings with CAE&#8217;s intellectual property
and that of third parties. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Given the lengthy delay in obtaining patents (during which some
technology may evolve into newer generations), the required detailed patent
application disclosure which may permit competitors to reverse-engineer an
invention, and the cost of maintaining and defending patents, CAE believes that
certain intellectual property is adequately protected by either maintaining it
as a trade secret or selectively disclosing enough of it to forestall anyone
else from subsequently claiming it as their own original innovation.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE&#8217;s agreements
with Industry Canada and Investissement Qu&#233;bec (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">IQ</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) restrict, in some
cases, CAE&#8217;s ability to license (other than to customers) or transfer ownership
of intellectual property deve</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">loped
with the program&#8217;s support until all funding has been repaid or consent has
been obtained. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Given CAE&#8217;s many
decades of success in the field of aviation simulation, CAE believes that the
CAE brand and some of our trademarked products have value in the markets we
address.</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219051"></a></h2>
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<p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">2.12</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Cycles&nbsp;</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The SP/M and TS/M
segments sell to government customers such that there is no evident cycle to
the intake of orders, but such order levels may vary significantly from quarter
to quarter because of the irregular timing of government orders. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The SP/C segment&#8217;s
equipment sales to airlines are affected by the cycles of expansion and
contraction of the entire commercial airline industry, as well as the
availability of credit and general economic conditions. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The TS/C segment&#8217;s
flight training services do experience an element of seasonality; in times of
peak travel (holiday periods, etc.) airline and business jet pilots are often
too busy flying aircraft to attend training sessions.&#160; TS/C is also affected by
the longer wave cycles of the commercial airline industry, though not to the
same degree as SP/C.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The Mining segment
is primarily tied to operational budgets of mining companies but can be subject
to the cyclicality of the mining industry&#8217;s commodity prices, given its link to
general economic conditions. Seasonality is not a major factor other than the
normal budgeting cycles. Healthcare is subject to the irregular timing of
government/military orders.</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219052"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">2.13</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Environmental Liabilities</font></b></h2>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We use, generate, store, handle and dispose
of hazardous materials at our operations and used to at some of our
discontinued or sold operations. Past operators at some of our sites also carried
out these activities.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">New laws and regulations, stricter
enforcement of existing laws and regulations, the discovery of previously
unknown contamination, new clean-up requirements or claims on environmental
indemnities we have given may result in us having to incur substantial costs.
This could have a materially negative effect on our financial condition and
results of operations.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We have made provisions for claims we know
about and remediation we expect will be required, but there is a risk that our provisions
are not sufficient.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">In addition, our discontinued operations are
largely uninsured against such claims, so an unexpectedly large environmental
claim against a discontinued operation could reduce our profitability in the
future.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE believes our current
operations are in compliance in all material respects with environmental laws
and regulations. Environmental protection requirements do not have material
financial or operational effects on CAE&#8217;s capital expenditures, earnings or
competitive position.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE operations
include, and past operations and those of some past operators at some of CAE&#8217;s
sites have included, the use, generation, storage, handling and disposal of
hazardous materials which are subject to health and safety and environmental
laws and regulations in the various countries in which CAE operates or has
operated.&#160;&#160; </font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219053"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">2.14</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Employees &nbsp;</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">CAE strives to have practices in place
that drive employee development and engagement through employee communications,
processes such as Kaizen and its Annual Leadership Development Process (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">ALDP</font></b><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">&#8221;).
The Company invests in its employees through technical and leadership training,
as well as developmental career moves.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="_Toc389219054"></a><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE
employs approximately 8,000 employees; of these approximately 1,300</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> </font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">are
unionized and covered by 28 different collective agreements all over the world.
The Company maintains constructive relationships with its unions and strives to
achieve mutually beneficial relationships while maintaining cost
competitiveness. </font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">2.15</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Foreign Operations</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">For the fiscal year ended March 31, 2014, sales to customers outside
Canada accounted for approximately 90% of CAE&#8217;s revenue such that CAE is very
dependent upon foreign sales and operations. CAE expects that sales outside
Canada will continue to account for most of its revenue for the foreseeable
future.&#160; </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE&#8217;s physical presence in countries such as the U.S., Germany,
Australia, Singapore and the U.K. has enabled us to develop strong
relationships and a good reputation with governments and other defence
contractors who are important decision makers regarding defence contracts.&#160; </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">As a result, CAE is subject to risks of doing business internationally,
including:</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Currency fluctuations;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Changes to regulatory requirements;</font></p>


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<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Changes to domestic and foreign government
policies, including requirements to spend a portion of program funds locally
and governmental industrial cooperation requirements;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">The complexity and necessity of using
foreign representatives and consultants;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Imposition of tariffs or embargoes, export
controls, including U.S., Canadian and foreign arms export controls, currency
exchange controls and restrictions, and other trade restrictions affecting
countries in which CAE sells our products or services;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">The challenge of managing and operating an
enterprise spread over various countries;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Compliance with a variety of foreign laws;
and</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">General economic and geopolitical
conditions, including international hostilities, inflation, trade relationships
and military and political alliances.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">The impact of these factors is difficult to predict and any one or more
of these factors could adversely affect CAE&#8217;s operations in the future.</font></p>

<h1 style="font-variant:small-caps;line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219055"></a><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">3.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">DESCRIPTION
OF THE BUSINESS SEGMENTS</font></b></h1>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219056"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;layout-grid-mode:char;">3.1</font></b><b><font face="times new roman" style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Simulation Products/Civil</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;layout-grid-mode:char;">
(&#8220;SP/C&#8221;)</font></b></h2>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Designs, manufactures and supplies civil
flight simulation training devices and visual systems</font></i></b></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We are
the world leader in the provision of civil flight simulation equipment,
including FFSs and a comprehensive suite of integrated training procedures
trainers, flight training devices and web-based e-learning tools, using the
same high-fidelity Level D software as the FFSs. We have designed and
manufactured more civil FFSs for major and regional commercial airlines,
third-party training centres and OEMs than any other company. We have developed
a wealth of experience in developing first-to-market simulators for more than
35 new types of aircraft models, and in recent years we have been developing
simulators for the Airbus A350 XWB, AVIC Medium-Sized Transport, Boeing 747-8,
Mitsubishi Regional Jet&nbsp;(&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">MRJ</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;), ATR42-600 and ATR72-600,
Bombardier CSeries, Global 5000/6000, Global 7000/8000 and Learjet 85, Embraer
Phenom 100 and 300, Dassault Falcon 7X and the Commercial Aircraft Corporation
of China, Ltd (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">COMAC</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) ARJ21 and C919. Leveraging our extensive worldwide
network of spare parts and service teams, we also offer a full range of support
and services. This includes emergency support, simulator updates and upgrades,
maintenance services and simulator relocations.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE builds civil simulators for all categories of aircraft including
those built by Airbus, Boeing, Bombardier, Cessna, Dassault, Embraer,
Gulfstream, Beechcraft and Raytheon. CAE also builds simulators for civil
helicopters, including AgustaWestland, Bell Helicopter, Eurocopter and Sikorsky
models. Since our inception, CAE has taken orders for and delivered more than </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">1,500 </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">FFSs and training devices from approximately </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">140&nbsp;</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;"> commercial airlines, aircraft manufacturers and
third-party training centres in approximately 35 countries. With nearly 70 years
of experience in designing and manufacturing FFSs and other flight training
devices, CAE has established long&#8209;standing relationships with leading
commercial airlines throughout the world.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE plans to
maintain a leadership position in civil simulation systems by anticipating
future customer needs through both our own training experience and trusted
relationships with equipment customers, commitment to innovation and
technology, product quality, reliability and efficiency, and continuing efforts
to lower costs and shorten delivery cycles. CAE continues to improve on its
lead-time, cost, quality and reputation for performance through operational
improvements and R&amp;D programs. SP/C is focused on substantially reducing
the costs associated with manufacturing simulation equipment intended both for
sale to third parties as well as for installation in CAE&#8217;s own global network
of training centres.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE&#8217;s capabilities
in simulation-based interactive learning, including our leading-edge CAE
Simfinity<sup>TM</sup> system, also complement our traditional strength in FFSs
and flight training devices </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">(&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">FTD</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#8221;)</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">.
Combined with a growing network of training centres, this complete suite of
simulation-based equipment and training products enables CAE to offer airlines
and business jet operators a complete range of training solutions.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">The use of flight simulators in pilot and crew training
is well established within the commercial and business markets. Increased use
of simulators has occurred as a result of the growth in commercial and business
air travel which, in turn, has driven fleet expansion and increased demand for
pilot training.&#160; Civil simulator usage has also increased due to advances in
technology that enable increased realism and the significant cost savings
provided by flight simulation training compared to actual flight time. The use
of synthetically-generated reproductions of airport configurations and use of
satellite terrain imagery incorporated into the simulation further enhance the
effectiveness of simulation training. Simulators are also utilized by pilots to
supplement actual flying time to maintain their certification. Today&#8217;s most
sophisticated civil flight simulators are rated Level D by the U.S. FAA or
receive similar </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">ratings from regulatory authorities in
other countries, indicating that a pilot can be certified to fly an aircraft
type based solely on simulator training. Flight simulators also allow pilots to
experience and learn emergency procedures that cannot be practiced safely
aboard the actual aircraft.</font></p>
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<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Flight simulation equipment is purchased by major and regional airlines,
aircraft manufacturers and independent training providers. Simulators are
manufactured by a limited number of companies and are sold based on the
criteria of product quality, customer support, delivery, supplier reputation,
price and life cycle costs. Typical list prices for civil flight simulation
equipment can range from up to US$1 million for sophisticated procedure
trainers, from US$2 to US$5 million for an FTD and from US$11 to US$20 million</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">
</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">for an FFS, assuming that OEM-supplied data, parts and equipment are
included (where OEM data, parts and equipment are supplied by CAE&#8217;s customer
the pricing will be significantly less).</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE&#8217;s SP/C segment
continues to lead the civil market in the sale of FFSs </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">with more than 70% market share of competed civil sales</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">.
SP/C continues to invest in technology to improve our product offering in terms
of cost, schedule, performance, and additional features that enhance safety and
efficiency.&#160; Over the past year, CAE&#8217;s SP/C segment has continued demonstrating
our industry leadership, as evidenced by:</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">&#9679;</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The
launch of the CAE 7000XR Series FFS; an evolution of the industry benchmark; </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#9679; The launch
of our CAE Tropos&#8482;-6000XR CAE&#8217;s next generation visual solution. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Simulation
Products/Civil won $608.4 million of orders in FY2014, including contracts for
48 full-flight simulators.</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219057"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;layout-grid-mode:char;">3.2</font></b><b><font face="times new roman" style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Training &amp; Services/Civil (&#8220;TS/C&#8221;)</font></b></h2>

<p style="line-height:13.0pt;margin:0in;margin-bottom:.0001pt;page-break-after:auto;text-align:justify;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Provides business, commercial and
helicopter aviation training for flight, cabin, maintenance and ground
personnel and associated services</font></i></b></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We are the largest
provider of commercial and helicopter aviation training services in the world
and the second largest provider of business aviation training services. We lead
the market in the high-growth emerging regions of China, India, the Middle East,
South America and Southeast Asia. Through our broad global network of training
centres, we serve all sectors of civil aviation including general aviation,
major and regional airlines, helicopter operators and business aviation. We
currently operate 239 FFSs and provide aviation training and services in
training centres located in more than 25 countries around the world, including
simulation-based pilot training services, crew sourcing services and ab initio
training. Among our thousands of customers, we have long-term training services
agreements and joint ventures with more than 20 major airlines and aircraft
operators around the world. We offer a comprehensive range of training
solutions and services, including curriculum development, training centre operations,
pilot training, cabin crew training, aircraft maintenance technician training,
e-Learning and courseware solutions, and consulting services. We are a leader
in flight sciences, using flight data analysis to improve airline safety,
maintenance, flight operations and training. CAE Oxford Aviation Academy is the
largest ab initio flight school network in the world with ten flight academies
and a capacity for training up to 2,000 cadets annually. CAE Parc Aviation is
the world&#8217;s largest aviation personnel sourcing organization with approximately
1,100 pilots, maintenance crew and other aviation professionals currently on
assignment with airlines, aircraft OEMs and leasing company customers around
the world</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&nbsp;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE continues to
expand our global network of strategically located training centres. CAE&#8217;s
customers at the commercial aviation training centres include major, low-cost
and regional airlines that elect to outsource some or all of the training of
their pilots and other crew members using either our training instructors or
their own.&#160; CAE&#8217;s training centres are also used by corporate aviation
customers who tend to use third-party training centres as their primary source
for simulation training.&#160; </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">TS/C is
continually looking for ways to deliver more value to our customers throughout
CAE&#8217;s global network of training centres.&#160; For example, TS/C is continually
developing new courseware and related training services to encourage customers
to migrate from renting time on a CAE simulator (dry training) to accepting the
training and curriculum provided by CAE instructors (wet training).&#160; TS/C is
also continuously looking at ways to ensure we are delivering the most
cost-effective and competitive training service in the marketplace. This
includes optimization of our network, which can include the sale, upgrade,
relocation, retirement or introduction of simulators. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Training services is the largest and fastest growing market segment
within the flight simulation industry.&#160; The training services market consists
of sales of training equipment and the provision of facilities, tools,</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">
aircraft&#8211;specific pilot and maintenance training programs and courseware</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">. Training is provided to pilots, technicians and cabin
personnel from commercial and regional airlines, business aircraft operators as
well as general aviation aircraft and helicopter operators. </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Today,
approximately 40% of all training capacity around the world is owned and
operated by large commercial airlines to provide training for their own pilots.
Approximately 2/3 of these training facilities are located in North America and
Europe. Commercial airlines also rely on independent training providers to </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">supplement their training programs. Smaller operators
have traditionally outsourced their training to independent training providers
or to the aircraft manufacturers.&#160; Most aircraft manufacturers are partnering
with third-party training providers in order to expand their training
infrastructure across the world, while some such as Boeing and Airbus have
developed an in-house training division.</font></p>
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<p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">With the exception of fractional operators, the vast majority of business
aircraft operators have very small fleets.&#160; As a result, these operators
receive their entire training from aircraft manufacturers or independent
training providers.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">TS/C has continued
to invest in training and services for pilots, aircraft maintenance technicians
and cabin crew members. We have also leveraged our core competencies and now
provide a wider range of training and services. CAE remains dedicated to
serving all segments of aviation on a global scale and this includes expanding
our business training platforms within our five training hubs for business
aircraft operators located in Europe, Middle East and the U.S. and by
propelling our pilot and training services into emerging markets.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE&#8217;s expanding presence in civil flight training and services has been
accelerated during the last fiscal year as follows:</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">New
Programs and Products</font></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
introduced CAE Tropos&#8482; 6000XR, the latest generation of our market-leading
visual image generator for civil aviation training. The software provides a
more immersive environment and an enhanced pilot training experience;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
announced maintenance training on the new Dassault Falcon 2000 LXS and 2000S
aircraft platforms, including EASy II and launched CAE RealCase Troubleshooting
for the Dassault Falcon 7X, Falcon 900EX EASy, and Falcon 2000EX EASy models; </font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
announced the introduction of the CAE 7000XR Series FFS, leveraging the latest
advancements in technology and training capabilities and setting a new standard
in level D FFSs. </font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">This
latest evolution of CAE&#8217;s industry </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">benchmark FFS is designed to
optimize life-cycle costs for our customers and to address new and future
training requirements</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Expansions</font></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our
joint venture Emirates-CAE Flight Training (ECFT) inaugurated its second pilot
training facility in Dubai, UAE;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
added 35 new Piper airplanes to our CAE Oxford Aviation Academy fleet;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">ECFT
announced that its dual configuration FFS for Bombardier Challenger 604 and
Challenger 605 business jets has received certification from various countries
and also announced that it will deploy a Bombardier Global 5000/6000 business
jets FFS equipped with the Bombardier Vision flight deck, which is expected to
enter into service at the end of 2014;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
announced, with Bombardier, the expansion of the Authorised Training Partner
(ATP) agreement in Europe with the addition of a Bombardier Challenger 605
aircraft FFS and the deployment of a new Bombardier Global 5000/6000 business
jets FFS equipped with the Bombardier Vision flight deck in our Amsterdam
training centre;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
announced, with Aviation Performance Solutions (APS), an extension of our
partnership to provide Upset Prevention and Recovery Training (UPRT) for
business aircraft pilots in Europe. The program uses proven e-Learning
web-based academics, in-aircraft practical skill development and FFS exercises
and scenarios;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
launched a new MPL training program with Tigerair. In support of this program,
we announced that we will open an ab initio ground school training centre in
Singapore;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
commenced training at the CAE Simulation Training P.L. centre in Delhi, India.
The training centre is a joint venture between CAE and Interglobe, parent
company of IndiGo;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
announced an agreement with Airbus Helicopters (formerly Eurocopter Group) to
create an approved EC225 helicopter training centre in Norway featuring a Level
D flight and mission simulator;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
announced the addition of a fourth Dassault Falcon 7X FFS to our global
training network. The simulator is expected to be ready for training in 2015;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
deployed a Boeing 737 NG FFS to the Air France training centre located in Orly,
France;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
announced, with Dassault, an agreement naming CAE as the exclusive
Dassault-Approved Training Provider for the newly-launched Dassault Falcon 5X
long-range business jet.</font></p>

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<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">3.3</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">SP/C and TS/C Market Trends and Outlook </font></b></h2>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><b><i><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">Market Trends and Outlook</font></i></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">In
commercial aviation, aircraft capacity and passenger traffic growth are
primarily driven by gross domestic product (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">GDP</font></b><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">&#8221;). Over the past 20
years, air travel has grown at an average rate of 4.8% and the aerospace
industry&#8217;s widely held expectation is that long-term average growth for air
travel will be approximately 5% annually over the next two decades. The
International Air Transport Association (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">IATA</font></b><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">&#8221;) forecasts that by 2017
total passenger demand is expected to increase by 31%, representing 930 million
more passengers compared to 2012. </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Growth rates are higher in the
emerging markets than in large and established markets like Europe and the U.S.
Continued </font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">growth
in air travel and re-fleeting requirements have led to record commercial
aircraft backlogs and</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> OEM </font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">production rates.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">In
the business and helicopter aviation sector, demand for air travel is primarily
driven by corporate profitability and general economic conditions. According to
the U.S. Federal Aviation Administration (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">FAA</font></b><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">&#8221;), the number of business
jet flights has increased by 3.4% in the past 12 months. The industry remains
optimistic of further recovery and long-term growth in business aircraft
travel, and consistent with this view, major business aircraft OEMs have
announced new aircraft programs.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">Consolidation
of the industry continues as companies position themselves to capitalize on
this robust commercial aerospace market</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The
following secular trends continue to form the basis of our civil market
investment hypothesis:</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Expected
long-term growth in air travel;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Demand
in emerging markets arising from secular growth and a need for infrastructure
to support air travel;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Aircraft
backlogs and delivery rates;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">More
efficient and technologically advanced aircraft platforms;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Long-term
demand and shortage of trained aviation professionals (pilots, maintenance,
cabin crew).</font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Expected
Long-Term Growth in Air Travel</font></i></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">In
calendar 2013, global passenger
traffic increased by 5.2% compared to
calendar 2012. For the first
three months of calendar 2014, passenger
traffic increased by 5.6% compared to the
first three months of calendar 2013. Emerging markets outperformed; passenger traffic
in the Middle East, Latin America, Asia/Pacific and Europe growing at 13.3%, 7.1%, 7.0% and 5.2% respectively,
while North
America remained
stable. The global commercial
aircraft fleet increased by 4.0% from March 2013 to March 2014, growing in Asia/Pacific, the
Middle East and Latin America by 8.4%, 7.8% and 5.7% respectively, increasing
slightly
in Europe and remaining
stable in North America.
Possible impediments to steady growth progression in air travel include major
disruptions such as regional political instability, acts of terrorism, pandemics,
natural disasters, sharp and sustained increases in fuel costs, major prolonged
economic recessions or other major world events. </font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Demand
in Emerging Markets Arising from Secular Growth and a Need for Infrastructure to
Support Air Travel</font></i></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">Emerging
markets such as China, Eastern Europe, the Indian sub-continent, the Middle
East, South America and Southeast Asia are expected to continue experiencing
higher air traffic growth over the long term versus mature markets such as
North America and Western Europe. </font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Aircraft
Backlogs and Delivery Rates</font></i></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">Commercial
aircraft OEMs continue to work through record backlog levels of over 12,000
aircraft. Our civil business relies mainly on the already in-service fleet to
drive demand as approximately two thirds of our revenue is generated from
training and services in support of the global fleet. Our product sales are
driven mainly by aircraft deliveries coming from OEMs&#8217; production lines. Recent
aircraft order intake remains strong, with North American airlines such as Air
Canada and American Airlines and airlines in the emerging markets such as Etihad
Airways, Lion Air, VietJet Air and Air Costa leading the intake. We expect the
continued high rate of aircraft deliveries to translate into continued high
demand for training products and incremental demand for services.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">More Efficient
and Technologically Advanced Aircraft Platforms</font></i></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">More efficient and technologically
advanced aircraft platforms will drive the demand for new types of simulators
and training programs. One of our strategic priorities is to partner with
manufacturers to take an early position on these future programs. In recent
years, we have signed contracts with Bombardier for the CSeries aircraft and
the Global 7000/8000 aircraft, ATR for the ATR42/72-600 aircraft, Mitsubishi
Aircraft Corporation for the MRJ aircraft, Airbus for the A350 XWB aircraft, Dassault
for the Falcon 5X, AVIC for the Medium-Sized Transport aircraft and
COMAC for
the
C919 aircraft. These contracts allow us to leverage our modeling, simulation
and training expertise to deliver training solutions, including CAE 7000 Series
FFS
and the recently launched CAE 7000XR Series FFS, CAE Simfinity<sup>TM</sup>
procedures trainers, comprehensive training programs and expansion of our
network to meet airlines&#8217; </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">training needs. </font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">The demand for </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">new and
more efficient platforms is driven by better operational flexibility, reduced
maintenance costs, reduced fuel costs and improved emissions and environmental
footprints. Airlines are actively seeking ways to reduce fuel costs and the
operational risk against further fuel cost fluctuations, as well as ways to
obtain benefits offered by new generation aircraft and propulsion technologies.
</font></p>
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<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Business jet operators also demand high performance aircraft.
Business aircraft OEMs have announced plans to introduce, or have already
introduced, a variety of new aircraft models incorporating the latest
technologies to enhance performance and operator benefits such as range, speed,
comfort and the accessibility of business air travel. Some examples include Bombardier&#8217;s
Learjet 70, 75 and 85, Challenger 350 and Global 7000/8000, Embraer&#8217;s Legacy
Series and Lineage 1000, Gulfstream&#8217;s G650, Cessna&#8217;s Citation M2 and Dassault&#8217;s
Falcon 5X.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Deliveries of new-model aircraft are subject to program delays,
which in turn affect the timing of FFS orders and deliveries. </font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><b><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Long-term Demand and Shortage of Trained Aviation Professionals (pilots,
maintenance, cabin crew)</font></i></b><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> . </font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Worldwide
demand is expected to increase over the long term</font></i></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">Growth
in the civil aviation market has driven the demand for pilots, maintenance
technicians and cabin crew worldwide, resulting in a shortage of qualified
professionals in several markets, notably the faster growing emerging markets.
Pilot supply constraints include aging crew demographics and fewer military
pilots transferring to civil airlines. </font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">New
pilot certification processes require more simulation-based training</font></i></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">Simulation-based
pilot certification training is taking on a greater role internationally with
the MPL, with stall and upset prevention and recovery training and with new
Airline Transport Pilot (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">ATP</font></b><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">&#8221;) requirements in the U.S. Indeed, the ICAO
and various national and regional aviation regulatory agencies have published
new regulatory requirements, standards and guidance on these specific topics. </font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">MPL
is an alternative training and licensing methodology which places more emphasis
on simulation-based training to develop ab initio students into First Officers
of airliners in a specific airline environment. On average, current MPL
programs in the industry consist of one third of the training in actual
aircraft and two thirds of the training in flight simulation training devices,
versus traditional training for other licences that average 80% to 90% in
actual aircraft. Today, there are approximately 50 nations that have MPL
regulations in place and over 15 of these nations already use these regulations
with training providers and airlines. CAE has MPL programs in Asia and in
Europe with various airlines. From a global industry perspective, MPL is
producing promising results and over 800 MPL graduates are already flying
successfully with their airline. As the MPL methodology continues to gain
momentum, it will result in increased use of simulation-based training.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Finally,
the
FAA in the U.S. enacted its final set of rules on July 15<sup>th</sup>, 2013 on
new pilot certification and qualification requirements for air
carrier operations, requiring pilots to obtain an ATP and Type Rating. As of
August 2014, pilots applying for an ATP certificate will be required to
complete practical requirements which call for more simulation-based
training that includes adverse weather conditions, low energy states, stalls, upset
prevention and recovery, and high altitude operations. We
believe these new requirements will lead to an
increase
in demand
for training in simulators.</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219059"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">3.4</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Simulation Products/Military (&#8220;SP/M&#8221;)</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Designs, manufactures and supplies advanced military training equipment
and software tools for air forces, armies and navies</font></i></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We are a world leader in the design and production of military
flight simulation equipment. We offer solutions to help maintain and enhance
our customers&#8217; safety, efficiency, mission readiness and decision-making
capabilities.</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> </font></i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We develop simulation equipment, training systems and
software tools for a variety of military aircraft, including fast jets,
helicopters, trainer aircraft, maritime patrol and tanker/transport aircraft.
We also offer simulation-based solutions for land and naval forces, including a
range of driver, gunnery and maintenance trainers for tanks and armoured
fighting vehicles (&#8220;</font><b><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">AFV</font></b><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;s) as well as naval command team trainers and
wargaming software. We have delivered simulation products and training systems
to more than 50 defence
operators in approximately 35
countries. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=#231f20 face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
offer the industry&#8217;s most comprehensive range of simulation products related to
flight simulation. From desktop trainers to the highest fidelity full-mission
simulators, we offer a broad portfolio of simulation products. We have designed
simulators for the greatest variety of helicopters, and are a recognized leader
in developing simulators and training systems for transports, tankers, maritime
patrol aircraft, lead-in fighter trainers, and combat aircraft.&#160; The company is
recognized around the world as the leader in developing simulators for the
legendary C-130 Hercules aircraft, including all the latest C-130J variants.&#160;
We are currently developing training systems for military aircraft such as the
MH-60S/R, CH-47, NH90, S-70, C-130, C-295, A400M, C-5, KC-135, A330 Multi-Role
Tanker </font><font color=#231f20 face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Transport, P-8A, P-3C, M-346, Hawk,
Eurofighter, PC-7 and T-6/AT-6 for global military customers.</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> We
have developed the CAE UAS Mission Trainer to provide an open, integrated UAS
mission training capability for individual and team training with the ability
to link to distributed mission operations.</font></p>
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<p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=#231f20 face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our simulation and training experience extends well beyond the
air domain.&#160; For decades, CAE has provided a range of products and services
related to training ground forces, including solutions for direct and indirect
fire, close air support, forward observation, driver training and crew gunnery
training. CAE&#8217;s command and staff training systems, such as the CAE GESI
constructive simulation system, is used extensively by armies to help develop
the decision-making abilities of commanders in C4ISR environments.&#160; </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We are
also responsible for the design, manufacture and delivery of full-scale,
high-fidelity maintenance trainers as well as virtual desktop trainers for a
range of variants of the Bradley Fighting Vehicle, Abrams tanks, and the High
Mobility Artillery Rocket System (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">HIMARS</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) for the U.S. Army.&#160; In
addition, we provide simulation-based solutions for naval forces, including
tactical and wargaming software systems to facilitate the conduct of realistic
naval operations training.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">New Programs and Products</font></i></b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;"> &nbsp;</font></i></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
signed a
memorandum of understanding with Lockheed Martin as its preferred provider of
Canadian F-35 training support, training systems integration, operations and
maintenance should Canada select the F-35;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-CA style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We signed
a memorandum of understanding with General Atomics Aeronautical Systems to
pursue international opportunities for CAE to offer its simulation and training
systems for the Predator family of remotely piloted aircraft;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">We
delivered the latest generation CAE GESI command and staff training system, now
operational at the German Army Combat Simulation Center located in Wildflecken,
Germany;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
assisted
Ambulance Victoria in Brisbane, Australia with the launch of the Virtual
Paramedic, a simulation-based training solution, to help prepare for mass casualty
incidents;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
signed a
cooperation agreement to combine CAE&#8217;s GESI command and staff training system
with Rolands &amp; Associates Joint Theatre-Level Simulation into a new,
federated constructive simulation solution called GlobalSim;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
provided an
Emergency Management Information System to the City of Ottawa that will improve
multi-agency collaboration and enhance effective decision-making during
emergency incidents;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
are designing and manufacturing a UH-60L/M Black Hawk full-mission simulator to
be used by the Mexican Federal Police;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-CA style="font-size:9.0pt;layout-grid-mode:line;">-</font><font face="times new roman" lang=EN-CA style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp; &nbsp;</font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;layout-grid-mode:line;">&#160;&#160;We </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">are&nbsp;</font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;layout-grid-mode:line;"> developing a UAS Mission Trainer representing the Predator remotely
piloted aircraft for the Italian Air Force.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CAE remains committed to introducing new simulation products that enhance
our reputation as a technology leader.&#160; A strategic priority for CAE is to
continue to bring innovative products and simulation-based solutions to
market.&#160; For example, the CAE-developed Common Data Base (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">CDB</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#8221;),
originally developed for the United States Special Operations Command, has now
been adopted by various defence forces including the German Army, Turkish Air
Force and Royal Canadian Air Force.&#160; The bottom line result is that with the
CDB, the creation, modification and correlation of run-time databases is much
faster, which makes using simulation for mission rehearsal exercises a real
possibility.&#160; </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Presagis, part of the SP/M segment, is a global leader providing
commercial-off-the-shelf (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">COTS</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#8221;) modeling, simulation and embedded
graphics solutions to the aerospace and defence markets, and is the only
developer to deliver a unified COTS software portfolio based on open-standards.
Presagis combines cutting-edge technology with innovative services to help
customers streamline workflow, reduce project risks, create detailed models and
complex simulations, in addition to developing DO-178B certifiable
applications.&nbsp;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">The military simulation equipment market is driven in part by the
introduction of new aircraft platforms, upgrades and life extensions to existing
aircraft and a shift to greater use of simulation in pilot training programs
due to the high degree of realism and the significantly lower cost compared to
live training. CAE expects to improve our lead-time, cost, quality and
reputation for performance through continued operational improvements and
R&amp;D programs. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Military forces increasingly rely on sophisticated and interrelated
weapons systems and equipment, computer systems, visual systems and other
advanced technologies to operate in a broadening range of conditions and
scenarios.&#160; Achieving a high state of operational readiness is a constant goal
and challenge for militaries. Simulators enable military organizations to
achieve their training and mission rehearsal goals while minimizing the
physical use of expensive systems and equipment. In addition, the use of
simulators helps to avoid injuries to personnel and the loss of equipment due
to training accidents. Simulators allow for the training of tasks and missions
that cannot be practiced in the real world.</font></p>


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<p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Flight simulators are used to train pilots to operate a
variety of military aircraft including fighter jets, helicopters, transports,
tankers and maritime patrol aircraft. Flight simulators permit the crews of
military aircraft to coordinate and improve their combat skills in a safe,
cost-effective and realistic range of environments. The U.S. Air Force
estimates that one hour in a simulator costs less than six minutes in an actual
aircraft.&#160;&#160; The simulators enable pilots to realistically practice both
offensive and defensive tactics, such as firing aircraft weapons systems and
avoiding attack from enemy surface and air threats. The immersive environment
provided by simulators allows pilots to train for highly demanding maneuvers
and life threatening scenarios, such as rotor failure, missile impact or the
effects of exceptional turbulence.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Simulation-based training systems for the land, sea and public safety
markets provide similar advantages. With the increasing complexity of land and
sea systems equipment, including integrated C4ISR and sophisticated weapon
systems, combined with defence forces facing budget pressures, there is a
growing tendency toward an increased use of synthetic training for tanks,
armoured fighting vehicles and naval operations.&#160; This helps save wear and tear
on the weapon system platforms, reduces live firing and track miles, and allows
militaries to devote systems to operational requirements.&#160; </font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219060"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">3.5</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Training &amp; Services/Military (&#8220;TS/M&#8221;)</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Supplies
turnkey training services, support services, systems maintenance and integrated
enterprise solutions</font></i></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We provide turnkey training services, training systems integration
expertise and training support services to global defence forces. We also provide
a range of training support services such as contractor logistics support,
maintenance services, classroom instruction and simulator training in over </font><font face=Helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">80&nbsp;</font><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> sites around the world, a variety of modeling and simulation-based </font><font face=Helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">integrated enterprise solutions</font><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">, and a range of in-service support solutions such as systems
engineering and lifecycle management.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We are
a fully capable training</font><font color=#231f20 face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> systems integrator with
the ability to offer governments, defence forces and original equipment
manufacturers (&#8220;</font><b><font color=#231f20 face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">OEM</font></b><font color=#231f20 face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;s) across air, land and sea a comprehensive range of
innovative training solutions designed to cost-effectively meet specific
training requirements.&#160; We are flexible and have a wealth of experience
operating and delivering training services across different business models,
including </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">government-owned,
government-operated; government-owned, contractor-operated; or
contractor-owned, contractor-operated facilities. </font><font color=#231f20 face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our
offerings include training needs analysis, instructional systems design,
learning management information systems, purpose-built facilities,
state-of-the-art synthetic training equipment, curriculum and courseware
development, classroom and simulator instruction, maintenance and logistics
support, lifecycle support and technology insertion, and financing alternatives.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Examples of our
TS/M programs include the Medium Support Helicopter Aircrew Training Facility (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">MSHATF</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;)
at Royal Air Force (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">RAF</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) Benson in the U.K., the Operational Training
Systems Provider (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">OTSP</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) program for the Canadian Forces, the KC-30A
multi role tanker transport program for the RAAF, and the KC-135 Aircrew
Training System for the United States Air Force&nbsp;(&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">USAF</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) at 13 U.S.
and international bases. We also provide a range of training support services
such as contractor logistics support, maintenance services and simulator
training at over 80 sites around the world.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE
also provides market-leading consulting and engineering services that leverage
modeling and simulation technologies and expertise to develop software-based
solutions for decision support and training in complex environments.&nbsp;</font><font color=#222222 face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE&nbsp;</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> combines products, software tools and service
delivery capabilities into a comprehensive, integrated solutions offering to
help customers improve operational efficiency, develop and maintain mission
critical systems and provide software-based decision support and training
solutions.&#160; CAE helps provide the guidance, expertise, products and engineering
services required to help customers operate in critical and highly complex
environments.&#160; We also provide systems integration, systems engineering and
in-service support for operational platforms.&#160; We have a wealth of experience
providing engineering information environments, fleet management services,
lifecycle and integrated logistics, and other support services designed to
efficiently and cost-effectively operate and maintain operational weapon systems.&#160;
</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Expansions</font></i></b><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;"> &nbsp;</font></i></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-CA style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
commenced construction of the new CAE Brunei Multi-Purpose Training Centre (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">MPTC</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;)
in Rimba, Brunei Darussalam which is now entering the operational phase. We
also </font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">announced
jointly with the Government of Brunei that the CAE Brunei MPTC will establish
an Emergency and Crisis Management Centre of Excellence to support disaster
preparedness</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">;&nbsp;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-CA style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
are providing on-site training support services at the Army Aviation Training
Centre in Queensland, Australia, following the acceptance into service of the
world&#8217;s first Level D certified NH90 full-flight and mission simulator;</font></p>


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<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-CA style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">We installed a CAE
5000 Series King Air 350 simulator at a new training facility in Sale,
Australia and will now provide simulator services to the Royal Australian Air
Force and Royal Australian Navy through 2018 under a contractor-owned,
contractor-operated training program; </font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-CA style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
announced that our Rotorsim training centre in Sesto Calende, Italy, which is a
joint venture with AgustaWestland, will expand with the addition of a CAE 3000
Series AW169 helicopter simulator;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-CA style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
announced that the world&#8217;s first CAE 3000 Series AW189 FFS was certified to
Level D and is now ready for training at the Rotorsim training centre in Sesto
Calende, Italy;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-CA style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
announced that Rotorsim will add a second CAE 3000 Series AW189 helicopter
simulator to a new training location in Aberdeen, Scotland to support Bristow
helicopters and other North Sea operators.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The TS/M group
experiences fairly steady business revenue from our long-term training services
and support services contracts.&#160; </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Given finite
defence budgets and resources, governments and defence forces are increasingly
scrutinizing their expenditures. Outsourced or privatized training service
delivery have demonstrated benefits such as cost-effectiveness, accelerated
training delivery and allowing uniformed military personnel to focus on
operational commitments.&#160; CAE continues to see a growing willingness from
defence forces to use synthetic training to meet more and more of their training
requirements, as well as increasing demand to use simulation for mission
rehearsal.&#160; While synthetic training will never completely replace live combat
training, TS/M sees more militaries increasing the number of synthetic training
hours as a complement to live training.&#160; </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Governments show an ever-increasing interest in the efficiencies and
service enhancement potential of outsourcing aspects of their military training
and support services to the private sector. The openness of national markets to
international entrants is always an issue, particularly in the sensitive field
of national security. However, many countries have outsourced military training
and support services and have permitted foreign-controlled entities to deliver
such services. The multinational approach adopted by some governments to
equipment development and procurement has facilitated this evolution in the
market for military services.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">The industry has responded to this trend by adapting to a greater degree
of cooperation in product and service development and provisioning. However,
competition remains very vibrant, subject to national security constraints in
certain markets.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Traditionally,
modeling and simulation has been used to support training. This specific
application is well understood and employed by militaries and civilian agencies
around the world.&#160; CAE also sees significant growth in taking the simulation
out of the simulator and applying simulation across the program lifecycle,
including support for analysis and operations. &#160;CAE employs skilled and
experienced professionals capable of helping our government and defence
customers apply simulation to support analysis, training and operational
decision-making.&#160; &#160;For example, synthetic environments can be developed to
support research and development programs and be re-used and refined throughout
the program lifecycle, supporting system design and testing, creating the
training environments to prepare personnel to use those new systems, and
providing the decision support tools necessary to support mission planning in
operations.</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219061"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">3.6</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">SP/M and TS/M Market Trends and Outlook </font></b></h2>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">While
the U.S. Bipartisan Budget Act for fiscal year 2014 has helped reduce the
near-term impact
of
sequestration cuts and provided the U.S. Department of Defense with greater
budget certainty over the current government fiscal year, the
timing of contract awards will continue to be difficult to predict
as the U.S. military services work to achieve the right balance in military
capacity, capabilities and readiness. This may impact our ability</font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;"> to grow revenue
and income in the short term</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">; however, our view is</font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;"> that the
impediment to growth is not the size of the market, but rather the timing of
procurements</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">.&nbsp;</font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;"> In Europe, force
structure reductions and reduced future investment plans have narrowed the
pipeline of new opportunities; however, we maintain a portfolio of recurring
business for which we have sized our operations. While the United States and
Europe </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">still
present modest challenges</font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">,
we are seeing increased opportunities originating from regions with growing
defence budgets, like Asia and the Middle East where we have an established and
growing presence. </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We also </font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">continue to bid on a solid pipeline of global
opportunities</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">. </font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">In addition, there
are encouraging signs for our market specialization and we are confident that
the use of simulation-based training will continue to increase in the future. </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The
following trends continue to drive the use of our training centres,
services and products
in defence:</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">Explicit
desire of governments and defence forces to increase the use of modeling and
simulation</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">
to mitigate budget pressures;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Attractiveness
of outsourcing of training and maintenance services;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Need
for synthetic training to conduct mission rehearsal, including joint and
coalition forces training;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Relationships
with OEMs as their partner of choice for simulation and training;</font></p>


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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 6pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; TEXT-INDENT: -11.5pt; MARGIN: 0in 0in 6pt 11.5pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Use of modeling and simulation for analysis and decision support.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Explicit desire of governments and defence forces to increase the use of modeling and simulation to mitigate budget pressures</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=helvetica,sans-serif>More defence forces and governments are adopting simulation in training programs because it improves training effectiveness, reduces operational demands on aircraft, lowers risk compared to operating actual weapon system platforms and significantly lowers costs. For example, the U.S. Air Force (USAF) is making more extensive use of simulation for KC-135 tanker boom operator training, which costs approximately $20,000 for a three-hour training mission in the actual aircraft, but only $1,000 for that same three-hour training mission in simulators. The higher cost of live training and the desire to save aircraft for operational use are two factors prompting a greater adoption of simulation-based training. Unlike civil aviation, where the use of simulators for training is common practice, there are no regulatory requirements to train in simulators in the military and the nature of mission-focused training demands at least some live training; however, the balance of live and synthetic training is shifting more to simulation. </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-CA face=helvetica,sans-serif>We have begun to see militaries plan for the increased use of simulation as part of the overall training curriculum. For example, the U.S. Navy reports the share of simulation-based training on some specific U.S. Navy aircraft platforms could rise close to 50% by 2020. Because of the cost associated with conducting live training exercises, most militaries expect to rebalance the mix of live, virtual and constructive (computer-based) training and shift more of the training curriculum to home station virtual and constructive simulation. For example, the U.S. Army is planning to reduce the use of live training ranges and transfer some of this training to virtual and constructive simulation to reduce costs. This will ultimately create opportunities for simulation-based training centres, services and products. We view CAE as being part of the solution to achieving lower training costs while maintaining or improving readiness.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Attractiveness of outsourcing of training and maintenance services</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-CA face=helvetica,sans-serif>Defence forces and governments continue to scrutinize expenditures to find ways to reduce costs and allow active-duty personnel to focus on operational requirements, which has an impact on defence budgets and resources. There has been a growing trend among defence forces to consider outsourcing a variety of training services and we expect this trend to continue. </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>For example, during fiscal year 2014 we opened a new military training centre in Australia where the Australian Defence Forces will train their King Air 350 aircrews. This represents the first simulator services contract that the Australian Defence Forces have signed as part of a contractor-owned/contractor-operated service delivery program. We believe governments will increasingly </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-CA face=helvetica,sans-serif>look to industry for the delivery of training services because they often can be delivered faster and more cost effectively.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Need for synthetic training to conduct mission rehearsal, including joint and coalition forces training </FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-CA face=helvetica,sans-serif>There is a growing trend among defence forces to use synthetic training to meet more of their </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>mission </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-CA face=helvetica,sans-serif>training requirements. Simulation technology solutions enable defence customers to plan sophisticated missions and carry out full-mission rehearsals in a synthetic environment as a complement to traditional live training or mission preparation. Synthetic training offers militaries a <BR>cost-effective way to provide realistic training for a wide variety of scenarios while ensuring they maintain a high state of readiness. Allies are cooperating and creating joint and coalition forces, which are driving the demand for networked training and operations. Training devices that can be networked to train different crews and allow for networked training across a range of platforms are increasingly important as the desire to conduct mission rehearsal exercises in a synthetic environment increases. We are actively promoting open, standard simulation architectures, such as the Common Database (CDB), </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>as well as new capabilities such as the CAE Dynamic Synthetic Environment (DSE), </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-CA face=helvetica,sans-serif>to better enable mission rehearsal and joint, networked training. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Relationships with OEMs as their partner of choice for simulation and training</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>We partner with manufacturers in the defence and security market to strengthen relationships and position for future opportunities. OEMs have introduced new platforms and continue to upgrade and extend the life of existing platforms, which drives worldwide demand for simulators and training. For example, Boeing has developed the new P-8A maritime patrol aircraft, Airbus Military has sold and continues to market </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-CA face=helvetica,sans-serif>both </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>the A330 MRTT </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-CA face=helvetica,sans-serif>and C295 </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>globally, Lockheed Martin is successfully marketing variants of the C-130J Hercules transport aircraft and F-35 fighter, Alenia Aermacchi and BAE Systems are selling the M-346 and Hawk lead-in fighter trainers, and AgustaWestland is continuing to develop a range of helicopters such as the AW139, AW169 and AW189. We have established relationships with each of the OEMs on these platforms. We also signed a memorandum of understanding to pursue working with General Atomics Aeronautical Systems, the world&#8217;s leading manufacturer of unmanned aircraft systems, on offering training solutions for GA-ASI&#8217;s Predator family of remotely piloted aircraft, and during fiscal year 2014 sold a Predator unmanned aerial system (UAS) mission trainer to the Italian Air Force.</FONT></P>

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<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Use of modeling
and simulation for analysis and decision support</font></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Traditionally, modeling and simulation
have been used to support training, but is now increasingly applied across the
program lifecycle, including support for analysis and decision-making
operations. We see governments and defence forces looking to use simulation-based
synthetic environments to support research and development programs, system
design and testing, intelligence analysis, integration and exploitation, and to
provide the decision support tools necessary to support mission planning in
operations. As an example, we were recently contracted to establish a training
centre and conduct emergency management training for the Brunei Ministry of
Home Affairs and see further opportunities to develop integrated modeling and
simulation centres.</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219062"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">3.7</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Military Contracts</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">The majority of CAE&#8217;s contract revenue in our SP/M and
TS/M segments result from contracts with militaries or government bodies
performed under predominantly fixed-price contracts with only a small number of
cost-plus contracts.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">In most instances, under government regulations, certain costs, including
certain financial costs, portions of R&amp;D costs, representation expenses,
certain types of legal expenses and certain marketing expenses related to the
preparation of bids and proposals, are not allowed for pricing purposes and
calculation of contract reimbursement rates under flexibly-priced contracts.
Governments also routinely regulate the methods under which costs are allocated
to government contracts. CAE is subject to a variety of audits performed by
government agencies. These include pre-award audits that are performed at the
submission of a proposal to the government. The purpose of the pre-award audit
is to determine the basis of the bid and provide the information required for
the relevant government to effectively negotiate the contract. During the
performance of a contract the government has the right to request and to
examine any labor charges, any material purchase, and any overhead changes to
any contract that is active. Upon a contract&#8217;s completion, the government may
perform a post-award audit of all aspects of contract performance to ensure
that CAE has performed in accordance with the terms of the contract.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Government contracts are generally, by their terms, subject to
termination by the government either for convenience or default by the
contractor. Fixed-price contracts provide for payment upon termination for
items delivered to and accepted by the government and, if the termination is
for convenience, for payment of fair compensation of work performed plus the
costs of settling and paying claims by terminated subcontractors, other
settlement expenses and a reasonable profit on the costs incurred. Cost-plus
contracts generally provide that, upon termination, the contractor is entitled
to reimbursement of its allowable costs and, if the termination is for
convenience, a total fee proportionate to the percentage of the work completed
under the contract. If a contract termination is for default, however,
typically:</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The contractor may be paid an amount agreed upon for completed and
partially completed products and services accepted by the government</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">;&nbsp;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The government may not be liable for the contractor&#8217;s costs with
respect to unacceptable items, and may be entitled to repayment of advance
payments and progress payments, if any, related to the termination portion of
the contract; and</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The contractor may be liable for excess costs incurred by the
government in procuring undelivered items from another source.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">In addition to the right of the government to terminate, government
contracts are often conditioned upon the continuing availability of
appropriations. Consequently, at the outset of a major program, such contracts
are usually partially funded and additional monies are normally committed to
the contract by the procuring agency only as appropriations are made for future
fiscal years. Failure to obtain such appropriations normally results in
termination of the contract and compensation to the contractor at less than the
full value of the contract.</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219063"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">3.8</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">New Core Markets</font></b></h2>

<p style="line-height:13.0pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face=Helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">Healthcare Market</font></b></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Simulation-based training is one of the most effective ways to prepare
healthcare practitioners to care for patients and respond to critical
situations while reducing the overall risk to patients. Through acquisitions
and partnerships with experts in healthcare, we are leveraging our experience
and best practices in simulation-based aviation training to deliver innovative
solutions to improve the safety and efficiency of this industry. The healthcare
simulation market is growing rapidly, with simulation centres becoming the
standard in nursing and medical schools, while proprietary education is now
using technology and simulation to compete with public institutions. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">We are a leader in simulation-based technology for healthcare with more
than 8,000 deliveries of patient, imaging and surgical simulators in medical
schools, nursing schools, hospitals, defence forces and other entities. We have
offices located in Canada, the U.S., Hungary and Germany and a network of
approximately 50 distributors in more than 50 countries.</font></p>


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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-CA face=helvetica,sans-serif>We generate revenue in five main areas: patient simulators, surgical simulators, ultrasound simulators and task trainers, learning applications/courseware and centre management systems. Our patient simulators offer a high level of believability and life-like responses and teach students and practitioners to intervene with appropriate clinical measures. Our surgical simulators incorporate haptic technology that allows students and practitioners to acquire skills and practice in performing minimally invasive procedures, including bronchoscopies, endoscopies and catheter-based procedures. Our ultrasound solutions utilize e-learning, ultrasound training models, mannequins and 3D animated displays that allow students and practitioners to become familiar with diagnostic bedside ultrasound and ultrasound-guided procedures. Our simulation learning applications can be embedded within hospital work environments or large teaching institutions, allowing remote delivery of content for self&#8209;guided learning and assessment. Our medical simulation centre solutions simplify the operations behind managing complex simulation, assessment, recording and debriefing.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Market Trends and Outlook</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-CA face=helvetica,sans-serif>The Healthcare simulation-based market is focused mainly on education, and is estimated upwards of $850 million. Of that, the largest share of the market is represented by the human patient simulation market, which is expected to grow in the double-digit range over the next five years. Our vision is for CAE Healthcare to lead in the broad adoption of simulation-based training solutions for healthcare practitioners to improve patient safety, reduce overall training cost and ultimately save more lives. </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-CA face=helvetica,sans-serif>Medical simulators can help to reduce medical errors by fundamentally changing the competency assessment and training of healthcare practitioners, just as flight simulators revolutionized pilot certification and training decades ago. In addition to the 850,000 active physicians and 67,000 medical students, there are approximately 3 million nurses and 250,000 nursing students in the U.S. and 8.8 million physicians and 14.5 million nurses worldwide.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-CA face=helvetica,sans-serif>The demand for our products and services is driven by the:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; TEXT-INDENT: -11.5pt; MARGIN: 0in 0in 6pt 11.5pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-CA face=helvetica,sans-serif>U</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>se of patient simulators to improve training and patient safety;</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; TEXT-INDENT: -11.5pt; MARGIN: 0in 0in 6pt 11.5pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Increased adoption of minimally invasive surgery;</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; TEXT-INDENT: -11.5pt; MARGIN: 0in 0in 6pt 11.5pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Advances in imaging technology applications in healthcare;</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; TEXT-INDENT: -11.5pt; MARGIN: 0in 0in 6pt 11.5pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Increasing healthcare costs;</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; TEXT-INDENT: -11.5pt; MARGIN: 0in 0in 6pt 11.5pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Service provider shortages.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Use of patient simulators to improve training and patient safety</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Patient simulators are the most commonly used simulators in the healthcare education and training markets. Human patient simulation provides an opportunity to reduce medical errors by providing opportunities to train for high-risk, low-frequency events. </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Increased adoption of minimally invasive surgery </FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Minimally-invasive surgery (&#8220;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>MIS</FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>&#8221;) is accomplished through small surgical incisions, specialized surgical instruments, and endoscopic or alternative surgical imaging. Due to the advantages of MIS, such as reduced patient trauma and shorter hospitalization periods, it has seen increased adoption in place of previously more invasive surgical procedures. Continuing advances in surgical technology and MIS techniques have established surgery as a leading driver for simulation technology training.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Advances in imaging technology applications in healthcare</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Regulatory reform, the development of affordable technology-driven products and growing industry awareness have advanced the integration of imaging technology into healthcare. Increasing patient awareness of alternative technologies and procedures has helped to pressure insurers and providers to implement advanced imaging technologies. Bedside ultrasonography has become an invaluable tool in the management of critically ill patients. The hand-carried ultrasound (HCU) can immediately provide diagnostic information that is not accessible by a physical examination alone, provided that healthcare practitioners performing the examinations have adequate training.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Increase in healthcare costs</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>The growth and increasing cost of medical care is correlated to population growth and healthcare coverage expansion. Longer life expectancy and the baby boomer generation have generated significant demand for healthcare services. Widespread adoption of advanced medical technologies and services could translate into higher demand for training. Experts have demonstrated that medical simulation improves patient outcomes and reduces errors, which can help to mitigate the rate of increase in healthcare costs.</FONT></P>

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<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Service provider
shortages</font></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The World Health Organization has
reported that there were 57 countries with critical shortages equivalent to a
global deficit of <br>
2.4
million doctors, nurses and midwives worldwide. As students graduate and move
into clinical practice, there is a growing need among hospitals for on&#8209;boarding
programs that transition the new students to competent
practitioner effectively and efficiently. Simulation is now moving from the
academic setting into clinical practice to provide a safe environment for
clinical training.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Mining
market</font></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
have customers in over 90 countries that are currently supported by our offices
in Australia, Brazil, Canada, Chile, India, Kazakhstan, Mexico, Peru, South
Africa, the U.S. and the U.K. We provide products and services for open pit and
underground operations to mining organizations, from large diversified miners
to junior miners and consultancies.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
generate revenue by delivering products and services across the mining value
chain. Our software products are used for managing exploration and geological
data, mine strategy, optimization, detailed design and scheduling for all
mining methods and commodities. Our technical consulting team includes experienced
geologists and mining engineers, servicing client needs such as managing
exploration drilling programs, mining studies, resource evaluation, on-site
technical services and business improvement projects. Our CAE Terra mining
equipment simulators leverage our experience in simulation to provide an
unrivalled level of realism. Our simulators are integrated with a comprehensive
student management system, lesson planning tools and interactive touch panel
instructor station. Our training services include workforce development
planning, training needs analysis, professional development in technical
disciplines and the design and implementation of operator training curriculum.
Our operator training courseware is designed for multiple delivery modes
including self-paced e-learning, instructor-led classroom training, procedural
training and scenarios delivered in our high fidelity simulators.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Market
trends and outlook</font></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our
technology and services are used by customers to increase productivity and
improve safety. The factors driving demand for our technology and services are:</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Health
and safety priority;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Declining
grades and higher energy consumption resulting in increased cost of extraction;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Cyclicality
of commodity prices;</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Operations
management and control.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Health
and safety priority</font></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Health
and safety standards continue to be an area of focus for improvement through
the use of technological advances and increased skills training to create a
more highly skilled and better-educated work force. Mining companies are
focusing on automated equipment, remote control of operations and
simulation-based training of the workforce as means to improve overall safety.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Declining
grades and higher energy consumption resulting in increased cost of extraction</font></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">In
the last 30 years, the average grade of ore bodies has halved, while the waste
removed to access the minerals has more than doubled, resulting in higher
energy use and cost of extraction. Given the volatility of mineral prices and
energy costs, different approaches are needed. These will include the increased
use of optimization tools, simulation and scenario analysis within the industry
to maximize value and maintain the viability of current operations, while
helping mining companies focus on maximizing metal recovery instead of simply
maximizing throughput. We are actively involved in finding technology-based
solutions for recovering metal using less energy. Our existing tools for
optimization and scenario analysis help mining organizations respond to
changing prices and input costs in order to maximize the potential of their
existing operations.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Cyclicality
of commodity prices</font></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Demand
for commodities is highly correlated to economic cycles. This means that in
addition to the increased cost of extraction, mining companies will usually
experience pricing pressure during economic contractions. This tends to result
in a reduction in capital spending by mining companies and delays in
procurements, which negatively affect the business prospects of the mining
industry supply chain. However, this factor serves as another driver toward
increased use of optimization tools, simulation and scenario analysis within
the industry to maximize the efficiency of operations.</font></p>


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<p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Operations
management and control</font></b></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">With increasing scale and complexity of
operations, mining companies are seeking solutions for the real time oversight,
coordination, decision-making and remote control of fixed and mobile assets. We
are collaborating in global markets and providing mine operators with an
opportunity to integrate our widely used mining systems with other operational
management technologies. </font></p>

<h1 style="font-variant:small-caps;line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219064"></a><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">4.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">RISK
FACTORS</font></b></h1>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We operate in several industry segments that
have various risks and uncertainties. Management and the Board discuss the
principal risks facing our business, particularly during the annual strategic
planning and budgeting processes. The risks and uncertainties described below
are risks that could materially affect our business, financial condition and
results of operation. These risks are categorized as industry-related risks,
risks specific to CAE and risks related to the current market environment.
These are not necessarily the only risks we face; additional risks and
uncertainties that are presently unknown to us or that we may currently deem
immaterial may adversely affect our business.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Management
attempts to mitigate risks that may affect our future performance through a
process of identifying, assessing, reporting and managing risks that are
significant from a corporate perspective</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">.&nbsp;</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219065"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">4.1</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Risks relating to the industry</font></b></h2>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.1.1</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Competition&nbsp;</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
sell our simulation equipment and training services in highly competitive
markets. New participants have
emerged in recent years and the competitive environment has intensified as
aerospace and defence companies position themselves to try to take greater
market share by consolidating existing civil simulation companies and by
developing their own internal capabilities. Most recently, Textron,
Lockheed
Martin and L-3 Communications have acquired commercial aircraft simulator
competitors. Most of our competitors in the simulation and training markets are
also involved in other major segments of the
aerospace and defence complex beyond simulation and training. As such, they are
larger than we are, and may have greater financial, technical, marketing,
manufacturing and distribution resources. In addition, our main
competitors
are either aircraft manufacturers, or have well-established
relationships with, or are important suppliers to, aircraft manufacturers,
airlines and governments, which may give them an advantage when competing for
projects for these organizations. In particular, we face competition from
Boeing, which has pricing and other competitive advantages over us. Boeing has
a licencing model for Boeing civil aircraft simulators which includes a requirement
for simulator manufacturers and service training operators to pay Boeing a
royalty to manufacture, update or upgrade a simulator, and to provide training
services on Boeing simulators.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Airbus
has decided to deepen its services offered to customers for
training services. OEMs like Airbus and Boeing have
certain advantages in competing with independent training service providers. An
OEM controls the pricing for the data, parts and equipment packages that are
often required to manufacture a simulator specific to that OEM&#8217;s aircraft,
which in turn is a critical capital cost for any simulation-based training
service provider. OEMs may be in a position to demand licence royalties to
permit the manufacturing of simulators based on the OEM&#8217;s aircraft, and/or to
permit any training on such simulators. CAE also has some advantages, including
being a simulator manufacturer, having the ability to
replicate
certain
aircraft without data, parts and equipment packages from an OEM, and owning a
diversified training network that includes joint ventures with large airline
operators which are aircraft customers for OEMs. We work with some OEMs on
business opportunities related to equipment and training services. </font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
obtain most of our contracts through competitive bidding processes that subject
us to the risk of spending a substantial amount of time and effort on proposals
for contracts that may not be awarded to us. A significant
portion of our revenue is dependent on obtaining new orders and continuously
replenishing our backlog. We cannot be certain that we will
continue to win contracts through competitive bidding processes at the same
rate as we have in the past. The presence of new market participants
as noted above, and their efforts to gain market share, creates heightened
competition in bidding which may negatively impact pricing and margins.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Economic
growth underlies the demand for all of our products and services. Periods of
economic recession, constrained credit, and or government austerity generally
lead to heightened competition for each available order. This in turn typically
leads to a reduction in profit on sales won during such a period. Should such
conditions occur, we could experience price and margin erosion. </font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.1.2</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Level and timing of defence spending</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">A
significant portion of our revenue comes from sales to defence and
security
customers around the world. We are either the primary contractor or a
subcontractor for various programs by Canadian, U.S., European, and other
foreign governments. If funding for a government program is cut, we could lose
future revenue, which could have a negative effect on our operations. When
countries we have contracts with significantly lower their military spending,
there could be a material negative effect on our sales and earnings. </font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">In &nbsp;</font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">Europe, force structure reductions and reduced future
investment plans have narrowed the pipeline of new opportunities</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">. We are
also experiencing longer and delayed procurement processes in mature markets,
such as the U.S.
and
Canada, which impacts the timing of contract awards and results in delayed
recognition of revenue.</font></p>
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<p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.1.3</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Government-funded military programs</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Like
most companies that supply products and services to governments, we can be
audited and reviewed from time to time. Any adjustments that result from
government audits and reviews may have a negative effect on our results of
operations. Some costs may not be reimbursed or allowed in negotiations of
fixed-price contracts. As a result, we may also be subject to a higher risk of
legal actions and liabilities than companies that cater only to the private
sector, which could have a materially negative effect on our operations.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.1.4</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Civil aviation industry</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">A
significant portion of our revenue comes from supplying equipment and training
services to the commercial and business airline
industry.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">If
jet fuel prices attain high levels for a sustained period, there could be a
greater impetus for airlines to replace older, less fuel-efficient aircraft.
However, higher fuel costs could also limit the airlines&#8217; available financial
resources, and could potentially cause deliveries of new aircraft to be delayed
or cancelled. Airlines may slow capacity growth or cut capacity should
sustained high fuel costs make the availability of such capacity not
economically viable. Such a reaction would negatively affect the demand for our
training equipment and services. </font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Constraints
in the credit market may reduce the ability of airlines and others to purchase
new aircraft, negatively affecting the demand for our training equipment and
services, and the purchase of our products. </font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
are also exposed to credit risk on accounts receivable from our customers. We
have adopted policies to ensure we are not significantly exposed to any
individual customer. Our policies include analyzing the financial position of
certain customers and regularly reviewing their credit quality. We also
subscribe from time to time to credit insurance and, in some instances, require
a bank letter of credit to secure our customers&#8217; payments to us.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.1.5</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Regulatory rules imposed by aviation authorities</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
are required to comply with regulations imposed by aviation authorities. These
regulations may change without notice, which could disrupt our sales and operations.
Any changes imposed by a regulatory agency, including changes to safety
standards imposed by aviation authorities such as the U.S. FAA, could
mean
that
we have to make unplanned modifications to our products and services, causing
delays or resulting in cancelled sales. We cannot predict the impact that
changing laws or regulations might have on our operations. Any changes could
present opportunities or, to the contrary, have a materially
negative effect on our results of operations or financial condition.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.1.6</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Sales or licences of certain CAE products
require regulatory approvals and compliance</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The
sale or licence of many of our products is subject to regulatory controls.
These can prevent us from selling to certain countries, or to certain entities
or people in a country, and require us to obtain from one or more governments
an export licence or other approvals to sell certain technology such as
military related simulators or other training equipment, including military
data or parts. These regulations change often and we cannot be certain that we
will be permitted to sell or licence certain products to customers, which could
cause a potential loss of revenue for us. </font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">If
we fail to comply with government laws and regulations related to export
controls and national security requirements, we could be fined and/or suspended
or barred from government contracts or subcontracts for a period of time, which
would negatively affect our revenue from operations and profitability, and
could have a negative effect on our reputation and ability to procure other
government contracts in the future.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.1.7</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Conflict minerals</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
are subject to rules of the Securities Exchange Commission (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">SEC</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;)
issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection
Act that require public companies to conduct due diligence on and disclose
whether certain materials including gold, tantalum, tin and tungsten that
originate from mines in the Democratic Republic of the Congo or certain
adjoining countries, known as conflict minerals, are used in products that we
manufacture. The first report was filed on May 21, 2014 for the 2013 calendar
year and we have implemented appropriate measures to comply with such
requirements, including verifying with our suppliers the sources of their
minerals. The implementation of these rules could adversely affect the
sourcing, supply, and pricing of </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">materials used in our
products, although this has not proved to be the case to date. If we determine
that certain of our products contain minerals not determined to be conflict
free or if we are unable to sufficiently verify the origins for all conflict
minerals used in our products, it could have a negative effect on our
reputation. </font></p>
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<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219066"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">4.2</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Risks relating to the Company</font></b></h2>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.1</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Product evolution</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The civil aviation and defence and security
markets in which we operate are characterized by changes in customer
requirements, new aircraft models and evolving industry standards. If we do not
accurately predict the needs of our existing and prospective customers or
develop product enhancements that address evolving standards and technologies,
we may lose current customers and be unable to attract new </font><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;">customers. This could reduce our revenue. The
evolution of the technology could also have a negative impact on the value of
our fleet of FFSs.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.2</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Research and development activities</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
carry out some of our R&amp;D initiatives with the financial support of
governments, including the Government of Qu&#233;bec through Investissement Qu&#233;bec
(&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">IQ</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) and
the Government of Canada through its Strategic Aerospace and Defence
Initiative (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">SADI</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;). In February
2014, CAE and the Government of Canada entered into a new SADI funding program
for a five and a half year period. The level of government financial support
reflects government policy, fiscal policy and other political and economic
factors.
We may not, in the future, be able to replace these existing programs with
other government funding and/or risk-sharing
programs of comparable benefit to us, which could have a negative impact on our
financial performance and research and development activities.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
receive investment tax credits on eligible R&amp;D activities that we undertake
in Canada from the federal government and investment tax credits on eligible
R&amp;D activities that we undertake in Qu&#233;bec from the provincial government.
The credits we receive are based on federal and provincial legislation
currently enacted. The investment tax credits available to us can be reduced by
changes to the respective governments&#8217; legislation which could have a negative
impact on our financial performance and research and development activities. </font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.3</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Fixed-price and long-term supply contracts</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
provide our products and services mainly through fixed-price contracts that
require us to absorb cost overruns, even though it can be difficult to estimate
all of the costs associated with these contracts or to accurately project the
level of sales we may ultimately achieve. In addition, a number of contracts to
supply equipment and services to commercial airlines and defence organizations
are long-term agreements that run up to 20 years. While some of these contracts
can be adjusted for increases in inflation and costs, the adjustments may not
fully offset the increases, which could negatively affect the results of our
operations.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.4</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Procurement and OEM leverage</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
secure data, parts, equipment and many other inputs from a wide variety of
OEMs, sub-contractors and other sources. We are not always able to find two or
more sources for inputs that we require and in
the case of specific aircraft simulators and other training equipment,
significant inputs can only be sole sourced. We may therefore be vulnerable to
delivery schedule delays, the financial condition of the sole-source suppliers
and their willingness to deal with us. Within their corporate groups, some
sole-source suppliers include businesses that compete with parts of our
business. This could lead to onerous licencing terms, high licence fees or even
refusal to licence to us the data, parts and equipment packages that are often
required to manufacture and operate for training, a
simulator based on an OEM&#8217;s aircraft. </font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.5</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Warranty or other product-related claims</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
manufacture simulators that are highly complex and sophisticated. These may
contain defects that are difficult to detect and correct. If our products fail
to operate correctly or have errors, there could be warranty claims or we could
lose customers. Correcting these defects could require significant capital
investment. If a defective product is integrated into our customer&#8217;s equipment,
we could face product liability claims based on damages to the customer&#8217;s
equipment. Any claims, errors or failures could have a negative effect on our
operating results and business. We cannot be certain that our insurance
coverage will be sufficient to cover one or more substantial claims.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;">&nbsp;</h3>
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<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.6</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Product integration and program management risk</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our
business could be negatively affected if our products do not successfully
integrate or operate with other sophisticated software, hardware, computing and
communications systems that are also continually evolving. If we experience
difficulties on a project or do not meet project milestones, we may have to
devote more engineering and other resources than originally anticipated. While
we believe we have recorded adequate provisions for risks of losses on
fixed-price contracts, it is possible that fixed-price and long-term supply
contracts could subject us to additional losses that exceed obligations under
the terms of the contracts.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.7</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Protection of intellectual property</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
rely in part on trade secrets and contractual restrictions, such as
confidentiality agreements, patents and licences, to
establish and protect our proprietary rights. These may not be effective in
preventing a misuse of our technology or in deterring others from developing
similar technologies. We may be limited in our ability to acquire or enforce
our intellectual property rights in some countries. Litigation
related to our intellectual property rights could be lengthy and costly and
could negatively affect our operations or financial results, whether or not we
are successful in defending a claim.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.8</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Intellectual property</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our
products contain sophisticated software and computer systems that are supplied
to us by third parties. These may not always be available to us. Our production
of simulators often depends on receiving confidential or proprietary data on
the functions, design and performance of a product or system that our
simulators are intended to simulate. We may not be able to obtain this data on
reasonable terms, or at all.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Infringement
claims could be brought against us or against our customers. We may not be
successful in defending these claims and we may not be able to develop
processes that do not infringe on the rights of third parties, or obtain
licences on terms that are commercially acceptable, if at all.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Certain markets in which we operate,
including without limitation the healthcare market, are subject to extensive
patenting by third parties. Our ability to modify existing products or to
develop new products may be constrained by third party patents such that we
incur incremental costs to licence the use of the patent or design around the
claims made therein.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.9</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Key personnel</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our
continued success will depend in part on our ability to retain and attract key
personnel with the relevant skills, expertise and experience. Our compensation
policy is designed to mitigate this risk.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.10</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Environmental liabilities</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
use, generate, store, handle and dispose of hazardous materials at our
operations, and used to at some of our discontinued or sold operations. Past
operators at some of our sites also carried out these activities.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">New
laws and regulations, stricter enforcement of existing laws and regulations,
the discovery of previously unknown contamination, new clean-up requirements or
claims on environmental indemnities we have given may result in us having to
incur substantial costs. This could have a materially negative effect on our
financial condition and results of operations.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">In
addition, our discontinued operations are largely uninsured against such
claims, so an unexpectedly large environmental claim against a discontinued
operation could reduce our profitability in the future.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.11</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Liability claims arising from casualty losses</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Because of the nature of our business, we
may be subject to liability claims, including claims for serious personal
injury or death, arising from:</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Accidents or disasters
involving training equipment that we have sold or aircraft for which we have
provided training equipment or services;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our pilot provisioning;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our live flight training
operations.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
may also be subject to product liability claims relating to equipment and
services that our discontinued operations sold in the past. We cannot be
certain that our insurance coverage will be sufficient to cover one or more
substantial claims.</font></p>

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<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.12</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Integration of acquired businesses</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The
success of our acquisitions depends on our ability to crystallize synergies both
in terms of successfully marketing our broadened product offering as well as
efficiently consolidating the operations of the acquired businesses into our
existing operations.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.13</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Our ability to penetrate new markets</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
are leveraging</font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;"> our knowledge,
experience and best practices in simulation-based aviation training and
optimization to penetrate the </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">simulation-based training
markets
in healthcare and mining.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">As
we operate
in
these markets, unforeseen difficulties and expenditures could arise, which may
have an adverse effect on our operations, profitability and reputation.
Penetrating new markets is inherently more difficult than managing within our
already </font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:left;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">established
core markets.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.14</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Enterprise resource planning (ERP)</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Following the
successful implementation of the Canadian manufacturing portion of the ERP system
in fiscal 2013,
we continue to
invest time and money in the next phases. If the
system does not operate as expected or when expected, we may
not be able to realize the expected value of the system and this may have a
negative effect on our operations, reporting capabilities, profitability
and reputation.
A governance process has been designed to mitigate this risk.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.15</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Length of sales cycle</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The
sales cycle for our products and services is long and unpredictable, ranging
from 6 to 18 months for civil aviation applications and from 6 to 24 months or
longer for military applications. During the time when customers are evaluating
our products and services, we may incur expenses and management time. Making
these expenditures in a period that has no
corresponding revenue will affect our operating results and could increase the
volatility of our share price. We may pre-build certain products in
anticipation of orders to come and to facilitate a faster delivery schedule to
gain competitive advantage; if orders for those products do not materialize
when expected, we have to carry the pre-built product in inventory for a period
of time until a sale is realized.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.2.16</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Security&nbsp;</font></i><b><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> </font></i></b><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">and information technology</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
depend on information technology networks and systems to process, transmit and
store electronic data and financial information, to manage business operations
and to comply with regulatory, legal, national security, contractual and tax
requirements. In addition, our business requires the appropriate and secure
utilization of sensitive and confidential information belonging to third
parties such as aircraft OEMs and national defence forces. An
information technology system failure, cyber-attack or breach of systems
security could disrupt our operations, cause the loss of, or unauthorized
access to, business information, compromise confidential information, expose us
to regulatory investigation and litigation, require significant management
attention and resources and could materially and adversely affect our
operations, reputation and financial performance. We have implemented security
controls, policy enforcement mechanisms and monitoring systems in order to
prevent, detect and address potential threats. </font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219067"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">4.3</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Risks relating to the Market</font></b></h2>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:71.5pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.3.1</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Foreign exchange</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our
operations are global with approximately 90% of our revenue
generated from
worldwide exports and international activities generally denominated in
foreign currencies, mainly the U.S. dollar, the Euro and the British pound. Our
revenue is generated
approximately one-third in each of the U.S, Europe and the rest of the world.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">A
significant portion of the revenue generated in Canada is in foreign
currencies, while a large portion of our operating costs in Canadian
dollars. When the Canadian dollar increases in value, it negatively affects our
foreign currency-denominated revenue and hence our financial results. </font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">We continue to
hold a portfolio of currency hedging positions intended to mitigate the risk to
a portion of future revenues presented by the volatility of the Canadian dollar
versus foreign currencies. The hedges are intended to cover a portion of the
revenue in order to allow the unhedged portion to match the foreign cost
component of the contract. It is not possible to completely offset the effects
of changing foreign currency values, which leaves some residual exposure that
may impact our financial results. </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">When the Canadian dollar decreases
in value, it negatively affects our foreign currency-denominated costs and our
competitive position compared to other equipment manufacturers in jurisdictions
where operating costs are lower. </font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">In order to reduce the variability of
specific U.S. dollar and Euro-denominated manufacturing costs, we </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">also </font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">hedge some of the
foreign currency costs incurred in our manufacturing process.</font></p>


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<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Business conducted through our foreign
operations is substantially based in local currencies. A natural hedge exists
by virtue of revenues and operating expenses being in like currencies. However,
changes
in the value of foreign currencies relative to the Canadian dollar create
unhedged currency translation exposure since results are consolidated in
Canadian dollars for financial reporting purposes. Devaluation of foreign
currencies against the Canadian dollar would have a negative translation impact and an
appreciation of foreign currencies against the Canadian dollar would have the
opposite effect.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:71.5pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.3.2</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Availability of capital</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our main credit facility, which was extended
in October 2013, is scheduled for renewal in October 2018. We cannot determine
at this time whether the credit facility will be renewed at the same cost, for
the same duration and on similar terms as were previously available. </font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We also have various debt facilities with
maturities until October 2036. We cannot determine at this time whether these
facilities will be refinanced at the same cost, for the same durations and on
similar terms as were previously available.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:71.5pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.3.3</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Pension plans</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
sponsor pension plans for employees in many of our locations. Where plans of a
defined benefit nature are provided, funding is based on actuarial estimates
and is subject to limitations under applicable income tax and other
regulations. Actuarial estimates prepared during the year were based on several
assumptions, amongst which anticipated long-term rate of return on pension plan
assets, anticipated mortality experience and projected increases in employee
compensation levels. We rely on actuarial funding valuation reports to
determine the amount of cash contributions that we are required to contribute
to these plans. Where necessary, CAE may be required to make additional
contributions to fund plans which are in a deficit position, thus reducing the
availability of funds for other corporate purposes. </font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:71.5pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.3.4</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Doing business in foreign countries</font></i></h3>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
have operations in 35 countries and sell our products and
services to customers around the world. Sales to customers outside North
America made up approximately 60% of revenue in fiscal 2014. We
expect sales outside North America to continue to represent a significant
portion of revenue in the foreseeable future. As a result, we are subject to
the risks of doing business internationally, including
geopolitical instability.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">These are the main risks we are facing:</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Change in laws and
regulations;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Tariffs, embargoes,
controls and other restrictions;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">General changes in
economic and geopolitical conditions;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:9.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Complexity and corruption
risks of using foreign representatives and consultants.</font></p>

<h3 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:71.5pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font color=black face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-style:normal;font-weight:normal;">4.3.5</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;font-style:normal;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Income tax laws </font></i></h3>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">A substantial portion of our business is
conducted in foreign countries and is thereby subject to numerous countries&#8217;
tax laws and fiscal policies. A change in applicable tax laws, treaties or
regulations or their interpretation could result in a higher effective tax rate
on our earnings which could be significant to our financial results.</font></p>

<h1 style="font-variant:small-caps;line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><a name="_Toc389219068"></a><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">5.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">DIVIDENDS &nbsp;</font></b></h1>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">We
paid
a dividend of $0.05 per share in the first and second
quarter and $0.06 per share in the third and fourth quarter of fiscal 2014.
These
dividends were
eligible under the Income Tax Act </font><i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">(Canada)&nbsp;</font></i><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> and its provincial
equivalents.</font></p>

<p style="line-height:13.0pt;margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our Board
of Directors
has the discretion to set the amount and timing of any dividend. The Board
reviews the dividend policy once a year based on the cash requirements
of
our operating activities, liquidity requirements and projected financial
position. We expect to declare dividends of approximately $63.3 million in
fiscal 2015 based on our current dividend policy and the number of common
shares outstanding as at March 31, 2014.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE&#8217;s Dividend
Reinvestment Plan provides that Canadian resident shareholders can elect to
receive Common Share dividends in lieu of cash dividends. Currently, CAE offers
a 2% discount on shares acquired through the Dividend Reinvestment Plan; this
is subject to change and the plan terms should be consulted.&#160; During fiscal 2012,
2013 and 2014, CAE issued </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">762,041, </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">1,228,831 and
1,403,418 common shares, respectively, as stock dividends.</font></p>

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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_33"></a><a name="_bclPageBorder33"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

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<p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<h1 style="font-variant:small-caps;line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">6.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">DESCRIPTION
OF CAPITAL STRUCTURE</font></b></h1>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Our authorized
capital consists of an unlimited number of common shares without par value and
an unlimited number of preferred shares without par value, issuable in series. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Each common share
entitles the holder thereof to dividends if, as and when declared by our
Directors, to one vote at all meetings of holders of common shares and to
participate, pro rata, with the holders of common shares, in any distribution
of our assets upon liquidation, dissolution or winding-up, subject to the prior
rights of holders of shares ranking in priority to common shares. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">As at
the close of business on March 31, 2014 and May 31, 2014 respectively, 263,771,443
and
264,017,594 common
shares were issued and outstanding. There are no
preferred shares issued and outstanding.</font></p>

<h1 style="font-variant:small-caps;line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219070"></a><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">7.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">MARKET
FOR SECURITIES </font></b></h1>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The outstanding
common shares of CAE are listed and posted for trading on The Toronto Stock
Exchange and on the New York Stock Exchange under the symbol CAE. </font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219071"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">7.1</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Trading Price and Volume</font></b></h2>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:72.9pt;width:371.700012pt;">
 <tr>
  <td colspan=4 valign=top width=100% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
   <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE Inc.</font></b></p>
   <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">TSX Share Price
   Information - FY2014</font></b></p>
   </td>
 </tr>
<tr>
  <td valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
   <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Month</font></b></p>
   </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
   <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Min.</font></b></p>
   </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
   <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Max.</font></b></p>
   </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
   <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Total Volume</font></b></p>
   </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">April-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">9.82</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.99</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">14
  321 827</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">May-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.50</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.44</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">17
  357 762</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">June-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.24</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.00</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10 348 390</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">July-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.88</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">12.02</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">15 426 990</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">August-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.92</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.94</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">8 199 709</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">September-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.99</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.75</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">8 339 924</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">October-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.96</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">12.24</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">17 866 233</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">November-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.55</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">12.54</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">9 413
  714</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">December-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.81</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">13.81</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">12 714 613</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">January-14</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">13.33</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">14.99</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">13 867 264</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">February-14</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">13.75</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">15.27</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">15 967 258</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">March-14</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">14.36</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">15.54</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">12 503 925</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=bottom width=100% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">NYSE Share Price Information - FY2014</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Month</font></b></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Min. (USD)</font></b></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Max. (USD)</font></b></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Total Volume</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">April-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">9.60</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.86</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">411
  665</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">May-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.24</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.25</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">1 471
  693</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">June-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">9.72</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.58</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">620 147</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">July-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.32</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.53</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">504 056</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">August-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.41</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.55</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">312 225</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">September-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.67</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.38</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">299 270</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">October-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.58</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.71</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">903 614</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">November-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.04</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.91</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">528
  577</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">December-13</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.10</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">13.29</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">596 626</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">January-14</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">12.53</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">13.65</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">684 257</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">February-14</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">12.43</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">13.77</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">683 990</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">March-14</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">13.00</font></p>
  </td>
 <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">13.99</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">671 324</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></b></p>

<h1 style="font-variant:small-caps;line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.5in;"><a name="_Toc389219072"></a></h1>
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<p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<h1 style="font-variant:small-caps;line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.5in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">8.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">DIRECTORS
AND OFFICERS</font></b></h1>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The Directors of
CAE are elected at each annual meeting of shareholders and hold office until
the next annual meeting of shareholders or until their successors are elected
or appointed. The names and municipalities of residence of the Directors and
Officers of CAE as of the date hereof, the positions and offices held by them
in CAE, their respective principal occupations for the last five years, and the
year in which they became a Director are set forth below. More information
concerning CAE&#8217;s Directors may be found in the Management Proxy Circular dated June
7, 2014, in connection with our Annual Meeting of Shareholders to be held on
August 13, 2014.&#160; In addition to fulfilling all statutory requirements, the
Board of Directors oversees and reviews: (i)&nbsp;the strategic and operating
plans and financial budgets and the performance against these objectives; (ii)
the principal risks and the adequacy of the systems and procedures to manage
these risks; (iii) the compensation and benefit policies; (iv)&nbsp;management development
and succession planning; (v) business development initiatives; (vi) the
communications policies and activities, including shareholder communications;
(vii) the integrity of internal controls and management information systems;
(viii) the monitoring of the corporate governance system; and (ix) the
performance of the President and Chief Executive Officer.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The Committees of
the Board of Directors are the Audit Committee, the Corporate Governance
Committee, the Human Resources Committee and the Executive Committee.</font></p>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219073"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">8.1</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Name and Occupation</font></b></h2>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;text-transform:uppercase;">Directors </font></b></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:5.4pt;width:517.750000pt;">
 <tr style="height:31.15pt;">
  <td width=38% style="border-bottom:solid windowtext 1.0pt;height:31.15pt;padding:0in 5.4pt 0in 5.4pt;">
   <p style="margin-bottom:6.0pt;margin-left:0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Name
   and Municipality of Residence and Year First Became a Director</font></b></p>
   </td>
 <td valign=top width=62% style="border-bottom:solid windowtext 1.0pt;height:31.15pt;padding:0in 5.4pt 0in 5.4pt;">
   <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Principal
   Occupation</font></b></p>
   </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=38% style="border-bottom:solid windowtext 1.0pt;height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Brian E. Barents</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Andover,
  Kansas, USA  </font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">(2005)</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=62% style="border-bottom:solid windowtext 1.0pt;height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">Brian
  E. Barents is a Director of several companies. A&nbsp;former Air National
  Guard Brigadier General and still an active pilot, Mr. Barents was the
  President, CEO and co</font><font face="ms gothic" lang=EN-US style="font-size:9.0pt;">&#8209;</font><font face=helvetica,sans-serif style="font-size:9.0pt;">founder of Galaxy Aerospace Company, LP
  from 1997 to 2001 and before that President and CEO of Learjet, Inc. from
  1989 to 1996. He is a past Chairman of the General Aviation Manufacturers
  Association. He currently serves on the boards of Kaman Corporation, Aerion
  Corporation and The NORDAM Group. </font></p>
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Mr. Barents is a member of both the Human Resources
  Committee and the Corporate Governance Committee.</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> &nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:57.25pt;page-break-inside:avoid;">
  <td valign=top width=38% style="border-bottom:solid windowtext 1.0pt;height:57.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Hon.
  Michael M. Fortier, PC</font></font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif style="font-size:9.0pt;">Town of Mount Royal, Quebec, Canada</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">(</font></font><font face=helvetica,sans-serif style="font-size:9.0pt;">2010)</font></p>
  </td>
 <td valign=top width=62% style="border-bottom:solid windowtext 1.0pt;height:57.25pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">Michael
  M. Fortier<sup> </sup>joined RBC Capital Markets (RBCCM) as a Vice-Chairman
  in 2010. Prior to joining RBCCM, Mr. Fortier was a partner of Ogilvy Renault
  LLP (now Norton Rose Fulbright Canada LLP) and a Senior Advisor to Morgan
  Stanley in Canada. </font></p>
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">Between
  2006 and 2008, Mr. Fortier held various positions in the Government of
  Canada, as Minister of Public Works and Government Services, Minister of
  International Trade and Minister responsible for Greater Montreal.  Prior to
  that, Mr. Fortier was active in the investment banking industry, first as a
  Managing Director with Credit Suisse First Boston (1999-2004) and then as a
  Managing Director with TD Securities (2004-2006). </font></p>
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;"><br>
  Mr.&nbsp;Fortier also practiced law with Ogilvy Renault LLP from 1985 to 1999
  in the areas of corporate finance and mergers and acquisitions. He was based
  in London, England for several years during this period.</font><font face="Times New Roman" style="font-size:8.0pt;"> <br>
  </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"><br>
  Mr. Fortier is a member of the Corporate Governance Committee.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:104.05pt;page-break-inside:avoid;">
  <td valign=top width=38% style="border-bottom:solid windowtext 1.0pt;height:104.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=FR style="font-size:9.0pt;">Paul </font></font><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=FR-CA style="font-size:9.0pt;">Gagn&#233;</font></font><font face=helvetica,sans-serif lang=FR style="font-size:9.0pt;">, CPA, CA </font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=FR style="font-size:9.0pt;">Senneville, Quebec, Canada</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">(2005)</font></p>
  </td>
 <td valign=top width=62% style="border-bottom:solid windowtext 1.0pt;height:104.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">Paul
  Gagn&#233; is a Director of various public and private companies. Mr. Gagn&#233; is the
  Chairman of Wajax Corporation and also serves on the Audit Committees of the
  boards of Ainsworth Lumber Co. Ltd. and Textron Inc. </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Mr. Gagn&#233; worked
  with Avenor Inc. from 1976 to 1997, last serving as its Chief Executive
  Officer. In 1998, he joined Kruger Inc., where he served as Consultant in
  Corporate Strategic Planning from 1998 to 2002. Mr.&nbsp;Gagn&#233; is a Chartered
  Professional Accountant.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Mr. Gagn&#233; is Chairman of the Human Resources Committee and is a
  member of the Audit Committee.  </font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:37.4pt;">
  <td valign=top width=38% style="border-bottom:solid windowtext 1.0pt;height:37.4pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">&nbsp;</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">James F.
  Hankinson</font></font><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">, CPA,
  CA</font><font style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;"> &nbsp;</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">Toronto, Ontario, Canada</font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">(1995)</font></p>
  </td>
 <td valign=top width=62% style="border-bottom:solid windowtext 1.0pt;height:37.4pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">James
  F. Hankinson is a corporate Director. He was the President and Chief
  Executive Officer of Ontario Power Generation Inc. from 2005 until his
  retirement in 2009. He has broad management experience in energy,
  transportation, resource and manufacturing-based businesses. Mr. Hankinson is
  a Director of ENMAX Corporation, a private company. He served as President
  and Chief Executive Officer of New Brunswick Power Corporation from 1996 to
  2002. In 1973, he joined Canadian Pacific Limited and served as President and
  Chief Operating Officer from 1990 to 1995. Mr. Hankinson is a Chartered
  Professional Accountant.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:64.9pt;page-break-inside:avoid;">
  <td valign=top width=38% style="border-bottom:solid windowtext 1.0pt;height:64.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="font-variant:small-caps;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font style="font-variant:small-caps;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Hon. John P. Manley,</font></font><font face=Helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;"> P.C., O.C.</font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Ottawa, Ontario, Canada</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">(2008)</font></p>
  </td>
 <td valign=top width=62% style="border-bottom:solid windowtext 1.0pt;height:64.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="line-height:10.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">John Manley is
  President and Chief Executive Officer of the Canadian Council of Chief
  Executives (not-for-profit), a position he has held since 2010. He is also a
  director of the </font><font face=helvetica,sans-serif style="font-size:9.0pt;letter-spacing:-.2pt;">Canadian Imperial Bank of Commerce</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">
  (CIBC) and Telus Corporation. From 2004 to 2009, he served as Counsel to
  McCarthy T&#233;trault LLP, a national law firm. Prior to that, Mr. Manley had a
  16-year career in politics, serving as Deputy Prime Minister of Canada and
  Minister in the portfolios of Industry, Foreign Affairs and Finance. He obtained
  a Bachelor of Arts from Carleton University and a Juris Doctorate from the
  University of Ottawa, is a certified Chartered Director from McMaster
  University and holds honorary doctorates from the University of Toronto,
  University of Ottawa, Carleton University and University of Western Ontario.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Mr. Manley chairs the Corporate Governance Committee and is a
  member of the Human Resources Committee.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"><br>
  <br>
  </font>&nbsp;</p>
  </td>
 </tr>
<tr style="height:13.05pt;page-break-inside:avoid;">
  <td valign=top width=38% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="font-variant:small-caps;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font style="font-variant:small-caps;"><font face=Helvetica,sans-serif lang=FR style="font-size:9.0pt;">Marc Parent</font></font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif lang=FR style="font-size:9.0pt;">Lorraine, Quebec, Canada</font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif lang=FR style="font-size:9.0pt;">(2008</font><font color=black face=Helvetica,sans-serif lang=FR style="font-size:9.0pt;">)&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=FR style="font-size:9.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=62% style="height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;"><font face=helvetica,sans-serif lang=FR style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Marc
  Parent has been the CEO of CAE Inc. since October 2009. He joined the
  Corporation in February 2005 as Group President, Simulation Products, was
  appointed&nbsp;Group President, Simulation Products and Military Training
  &amp; Services in&nbsp;May 2006, and then Executive Vice President and Chief
  Operating Officer in November 2008. Mr. Parent has over 30 years of
  experience in the aerospace industry. Before joining CAE, Mr. Parent held
  various positions with Canadair and within Bombardier Aerospace in Canada and
  the U.S. Mr. Parent is past Chairman of the Board of Directors of the
  Aerospace Industries Association of Canada (AIAC) and of A&#233;ro Montreal
  (Quebec&#8217;s aerospace cluster). </font><font face=helvetica,sans-serif style="font-size:9.0pt;">Mr. Parent graduated as an engineer from </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#201;</font><font face=helvetica,sans-serif style="font-size:9.0pt;">cole
  Polytechnique, is a graduate of the Harvard Business School Advanced
  Management Program</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> and holds an honourary doctorate from &#201;cole
  Polytechnique.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:13.05pt;page-break-inside:avoid;">
  <td valign=top width=38% style="border-top:solid windowtext 1.0pt;height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="font-variant:small-caps;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:left;"><font style="font-variant:small-caps;"><font face=Helvetica,sans-serif style="font-size:9.0pt;">General</font></font><font style="font-variant:small-caps;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> Peter J.
  Schoomaker,<br>
  USA (Ret.)</font></font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">Tampa, Florida, USA</font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">(2009</font><font color=black face=Helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">)&nbsp;</font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=62% style="border-top:solid windowtext 1.0pt;height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;letter-spacing:-.2pt;">General Schoomaker is a consultant on defense matters.
  He is a former four-star U.S. Army general who was recalled from retirement
  to active duty as the 35<sup>th</sup> Chief of Staff, Army and member of the
  U.S. Joint Chiefs of Staff from 2003 until 2007. Prior to his first
  retirement, he served as Commander&#8209;in&#8209;Chief, U.S.&nbsp;Special
  Operations Command from 1997 to 2000. He was the owner/President of Quiet
  Pros, Inc. (defense consulting) from 2000 to 2003. General Schoomaker spent
  over 35 years in a variety of command and staff assignments with both
  conventional and special operations forces. General Schoomaker is a Director
  of several public, private and non-profit companies, the Special Operations
  Warrior Foundation and was a Director of CAE USA Inc. (from November 2007 to
  February 2009).</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" style="font-size:8.0pt;letter-spacing:-.2pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">General Schoomaker is a member of both the Human Resources
  Committee and the Corporate Governance Committee.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;page-break-inside:avoid;">
  <td valign=top width=38% style="border-top:solid windowtext 1.0pt;height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:left;"><b><font face=helvetica,sans-serif style="font-size:9.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=62% style="border-top:solid windowtext 1.0pt;height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:13.05pt;page-break-inside:avoid;">
  <td valign=top width=38% style="border-bottom:solid windowtext 1.0pt;height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif style="font-size:9.0pt;">&nbsp;</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif style="font-size:9.0pt;">Andrew J. Stevens</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">Gloucestershire, UK</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">(2013)</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=62% style="border-bottom:solid windowtext 1.0pt;height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;letter-spacing:-.3pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;letter-spacing:-.3pt;">Andrew J. Stevens is a corporate Director based in the
  U.K who has operating experience globally in the aerospace and defence
  sector.  Beginning with the Dowty Group, </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">a leading </font><font color=windowtext face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">British&nbsp;</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">
  manufacturer of aircraft equipment </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;letter-spacing:-.3pt;">(1976-94),
  </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Bowthorpe plc (1994-96), Messier-Dowty as Managing Director then Chief
  Operating Officer (1996-2000)</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;letter-spacing:-.3pt;">,
  Rolls-Royce, where he served as Managing Director Defence Aerospace
  (2001-2003), and Cobham plc as a Board member where he served variously as </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Group
  Managing Director, Aerospace Systems, Chief Operating Officer and Chief
  Executive Officer. </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;letter-spacing:-.3pt;">(2003-12).&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Mr. Stevens is a member of the Human Resources Committee and the
  Audit Committee.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.05pt;page-break-inside:avoid;">
  <td valign=top width=38% style="border-bottom:solid windowtext 1.0pt;height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">K</font><font style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">atharine</font></font><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">
  B. S</font><font style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">tevenson</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">Toronto, Ontario, Canada</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">(2007)</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=62% style="border-bottom:solid windowtext 1.0pt;height:13.05pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;letter-spacing:-.2pt;">Katharine B. Stevenson is a corporate Director who
  serves on a variety of corporate and not-for-profit boards. She was formerly
  the Treasurer of Nortel Networks</font><font face=helvetica,sans-serif style="font-size:9.0pt;"> C</font><font face=helvetica,sans-serif style="font-size:9.0pt;letter-spacing:-.05pt;">orporation.</font><font face=helvetica,sans-serif style="font-size:9.0pt;letter-spacing:-.2pt;">  Prior to joining Nortel Networks</font><font face=helvetica,sans-serif style="font-size:9.0pt;"> C</font><font face=helvetica,sans-serif style="font-size:9.0pt;letter-spacing:-.05pt;">orporation</font><font face=helvetica,sans-serif style="font-size:9.0pt;letter-spacing:-.2pt;">, she was a Vice President of J.P.&nbsp;Morgan &amp; Company, Inc.
  Ms. Stevenson serves as Director on the board of Canadian Imperial Bank of
  Commerce (CIBC) and on its Audit Committee. She is also a Director of Valeant
  Pharmaceuticals International, Inc., serving on its Audit &amp; Risk
  Committee and Transactions &amp; Finance Committee. She is a Director of Open
  Text Corporation and a member of its Audit Committee. </font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;letter-spacing:-.2pt;">The CAE Board has determined that such simultaneous service does not
  impair the ability of Ms. Stevenson to effectively serve on CAE&#8217;s Audit
  Committee.  In addition, she served as </font><font color=black face=helvetica,sans-serif style="font-size:9.0pt;letter-spacing:-.2pt;">the
  Chairperson of OSI Pharmaceuticals, Inc.&#8217;s Audit Committee until the sale of
  the company. Ms. Stevenson is a Governor and past Chair of&nbsp;The Bishop
  Strachan School and Vice Chairman of the Board of the University of Guelph
  (as well as Chair ofits Finance Committee).  </font><font face=helvetica,sans-serif style="font-size:9.0pt;letter-spacing:-.2pt;">She is certified with the
  professional designation ICD.D granted by the Institute of Corporate
  Directors (ICD).</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Ms. Stevenson chairs the Audit Committee.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:80.65pt;page-break-inside:avoid;">
  <td valign=top width=38% style="border-bottom:solid windowtext 1.5pt;height:80.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif style="font-size:9.0pt;">&nbsp;</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif style="font-size:9.0pt;">Kathleen E.
  Walsh</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif style="font-size:9.0pt;">Boston,
  Massachusetts, USA</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif style="font-size:9.0pt;">(2013)</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=62% style="border-bottom:solid windowtext 1.5pt;height:80.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Kathleen
  E. Walsh is currently CEO of Boston Medical Center, a non-profit 496-bed
  medical center in Boston, Massachusetts that employs more than 1,200
  physicians and 1,500 nurses while also serving as the primary teaching
  affiliate of the Boston University School of Medicine. Previously she served
  as Executive Vice President and Chief Operating Officer of Brigham and
  Women's Hospital, Chief Operating Officer, Novartis Institutes for BioMedical
  Research for Novartis AG, various positions up to Senior Vice President,
  Medical Services and Cancer Center at the Massachusetts General Hospital, and
  previously with four other hospitals. Ms. Walsh is also on the boards of the
  Greater Boston Chamber Of Commerce, Emmanuel College, and the Advisory Board
  of the Clinical Center of the National Institutes of Health in Bethesda MD.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Ms. Walsh is a member of the Audit Committee.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
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   <p style="margin-bottom:6.0pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Name and
   Municipality of Residence and Office held with CAE </font></b></p>
   </td>
 <td valign=top width=56% style="border-bottom:solid windowtext 1.5pt;height:19.0pt;padding:0in 5.4pt 0in 5.4pt;">
   <p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Principal
   Occupation<sup>1</sup></font></b></p>
   </td>
 </tr>
<tr style="height:34.75pt;">
  <td valign=top width=44% style="border-bottom:solid windowtext 1.0pt;height:34.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">Nick
  Leontidis</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Ile-Bizard,Quebec, Canada</font></p>
  </td>
 <td valign=top width=56% style="border-bottom:solid windowtext 1.0pt;height:34.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Group
  President, Civil Simulation Products, Training and Services of CAE;
  previously </font><font face=helvetica,sans-serif style="font-size:9.0pt;">Executive
  Vice-President, Strategy and Business Development (2009 to 2013), Executive
  Vice President Sales, Marketing and Business Development - Civil Training and
  Services (2005-2009).</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=44% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=56% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=44% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Gennaro
  (Gene) A. Colabatistto</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Baie d&#8217;Urf&#233;, Quebec, Canada</font></p>
  </td>
 <td valign=top width=56% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Group President, Defence &amp;
  Security of CAE, with CAE since 2012; formerly Senior Vice President, Program
  Development for the Intelligence, Surveillance and Reconnaissance Group at
  Science Applications International Corporation (2008 &#8211; 2012) and before that
  President of Olive Group North America.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=44% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=56% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:51.85pt;">
  <td valign=top width=44% style="border-bottom:solid windowtext 1.0pt;height:51.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">St</font></font><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif style="font-size:9.0pt;">&#233;</font></font><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">phane Lefebvre, CPA, CA</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Town of Mount-Royal, Quebec,
  Canada</font></p>
  </td>
 <td valign=top width=56% style="border-bottom:solid windowtext 1.0pt;height:51.85pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Vice
  President, Finance and Chief Financial Officer, with CAE since 1997; formerly
  Vice President Finance, Military Simulation and Training (2005-2011). Mr.&nbsp;Lefebvre
  is a Chartered Professional Accountant.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=44% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=56% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:46.0pt;">
  <td valign=top width=44% style="border-bottom:solid windowtext 1.0pt;height:46.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Hartland
  J.A. Paterson</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Westmount, Quebec, Canada</font></p>
  </td>
 <td valign=top width=56% style="border-bottom:solid windowtext 1.0pt;height:46.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">General
  Counsel, Chief Compliance Officer and Corporate Secretary, with CAE since
  2001.</font></p>
  </td>
 </tr>
<tr style="height:67.5pt;page-break-inside:avoid;">
  <td valign=top width=44% style="border-bottom:solid windowtext 1.0pt;height:67.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=FR style="font-size:9.0pt;">Sonya
  Branco, CPA, CA </font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=FR style="font-size:9.0pt;">Montreal, Quebec, Canada</font></p>
  </td>
 <td valign=top width=56% style="border-bottom:solid windowtext 1.0pt;height:67.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Vice President and Corporate Controller
  (2011 to present); formerly Director Planning and Forecasting (2008-2011) and
  prior to that, Associate Director Mergers and Acquisitions at BCE Inc. (2007-2008).
  Ms. Branco is a Chartered Professional Accountant.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.4pt;">
  <td valign=top width=44% style="height:10.4pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=56% style="height:10.4pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.4pt;">
  <td valign=top width=44% style="border-bottom:solid windowtext 1.0pt;height:10.4pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">Bruce
  McConnell, CPA, CA</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">Beaconsfield, Quebec, Canada</font></p>
  </td>
 <td valign=top width=56% style="border-bottom:solid windowtext 1.0pt;height:10.4pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Director
  Corporate Finance and Treasurer of CAE Inc (2012-present). Previously,
  Vice-President with Business Development Bank of Canada (2006-2012). Mr.
  McConnell is a Chartered Professional Accountant.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.4pt;">
  <td valign=top width=44% style="border-bottom:solid windowtext 1.0pt;height:10.4pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">&nbsp;</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">Bernard
  Cormier</font></font></p>
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=PT-BR style="font-size:9.0pt;">Wolfville, </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Nova
  Scotia, Canada</font></p>
  </td>
 <td valign=top width=56% style="border-bottom:solid windowtext 1.0pt;height:10.4pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">Vice-President,
  Human Resources since July 2010.  Formerly Vice-President Human Resources at
  Home Depot Canada and Asia (2004-2008), and Vice-President Human Resources at
  Molson Inc. (2001-2004).</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin-bottom:6.0pt;margin-left:9.05pt;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-9.05pt;"><sup><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">1</font></sup><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#160; Where the date 2009
appears, it signifies the beginning of the last five years and not necessarily
the date upon which the individual commenced the relevant position or
occupation.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The Directors and exevutive
officers of CAE as a group as at the date hereof beneficially own, directly or
indirectly, or exercise control or direction over 214,475 common shares which
represent 0.08% of CAE's outstanding common shares.</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219074"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">8.2</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Cease Trade Orders, Bankruptcies, Penalties or Sanctions</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">None of
the Directors of CAE is, or within ten years prior hereto has been, subject to
a cease trade or similar order except as set out below.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">On May
3, 2012, while Mr. Barents was a Director thereof, Hawker Beechcraft
Corporation filed voluntary petitions for reorganization under Chapter 11 of
the United States Bankruptcy Code; that company exited Chapter 11 in February
2013 after which Mr. Barents left the Hawker Beechcraft Board of Directors.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:6.0pt;">&nbsp;</font></p>


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</table></div>

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<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">From
May 31, 2004 until on or about June 21, 2005, certain Directors, senior
officers and certain current and former employees of Nortel Networks
Corporation (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Nortel</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) and Nortel Networks Limited (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">NNL</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;),
including Mr. Manley&#160; as Director, were prohibited from trading in securities
of Nortel and NNL pursuant to management cease trade orders issued by the
Ontario Securities Commission (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">OSC</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;), the </font><font color=windowtext face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Autorit&#233;
des march&#233;s financiers</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">AMF</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) and certain other
provincial securities regulators (collectively, the &#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Regulators</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) in
connection with the delay in the filing of certain of their financial
statements.&nbsp; The Regulators issued a further management cease trade order
on April 10, 2006 in connection with the delay in filing certain 2005 financial
statements prohibiting certain Directors, senior officers and certain current
and former employees, including Mr. Manley as Director, from trading in
securities of Nortel and NNL.&nbsp; Following the filing of the required
financial statements, the OSC and AMF lifted such cease trade orders effective
June 8, 2006 and June 9, 2006, respectively, following which the other
Regulators lifted their cease trade orders.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Mr. Manley was a
Director of Nortel and NNL when Nortel and NNL were granted creditor protection
under the Companies&#8217; Creditors Arrangement Act (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CCAA</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) on January 14,
2009, and under other similar bankruptcy legislation in the U.S. and other
jurisdictions. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Mr. Gagn&#233; resigned
as Director of Gemofor Inc., a privately held manufacturer of sawmill equipment,
in November 2006. Within a year of his resignation Gemofor Inc. filed for
bankruptcy. Also, Mr. Gagn&#233; was a Director of Fraser Papers Inc. (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Fraser</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;)
from April 2004 through February 2011.&#160; In June 2009,&nbsp;Fraser initiated a
court-supervised restructuring under the Companies&#8217; Creditors Arrangement Act (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CCAA</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;),
and under other similar bankruptcy legislation in the U.S.&#160; As part of its
restructuring, Fraser sold all of its productive assets and distributed the
proceeds from the sale of those assets pursuant to a Consolidated Plan of
Compromise and Arrangement which was approved by the courts in February 2011.&#160;
Fraser&#8217;s common shares were suspended from trading on the TSX on June 23,
2009.&#160; On March 10, 2011, the OSC issued a cease trade order against Fraser.</font></p>

<h1 style="font-variant:small-caps;line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><a name="_Toc389219075"></a><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">9.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">TRANSFER
AGENTS AND REGISTRARS</font></b></h1>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE only has
common shares issued.&#160; CAE&#8217;s transfer agent is Computershare Trust Company of
Canada located at 100 University Avenue, 9<sup>th</sup> Floor, Toronto,
Ontario, M5J 2Y1.</font></p>

<h1 style="font-variant:small-caps;line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219076"></a><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">AUDIT
COMMITTEE</font></b></h1>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219077"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">10.1</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Mandate&nbsp;</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The
mandate of CAE&#8217;s Audit Committee is as set out in Schedule B hereto.</font></p>

<h2 style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219078"></a><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">10.2</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=Helvetica,sans-serif style="font-size:10.0pt;">Membership&nbsp;</font></b></h2>

<p style="line-height:13.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The
members of CAE&#8217;s Board of Directors&#8217; Audit Committee are:</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:left;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Ms.
Katharine B. Stevenson (chair)<br>
Mr. Paul Gagn&#233; <br>
Mr. Andrew J. Stevens<br>
Ms. Kathleen E. Walsh</font></p>

<p align=left style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Each of these
members is independent and financially literate. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Ms. Stevenson has
extensive financial and accounting experience, including from her services as
Treasurer of Nortel Networks Corporation, as Vice President, Corporate Finance
with J.P. Morgan Chase &amp; Co., a global financial services firm based
primarily in New York, and as former chair of the Audit Committee of </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">OSI Pharmaceuticals, Inc</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">. She also serves on the
Audit Committee of Open Text Corporation, the Audit &amp; Risk Committee of
Valeant Pharmaceuticals International Inc. and the </font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;letter-spacing:-.2pt;">Risk Management Committee of Canadian Imperial Bank of Commerce. </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Mr. Gagn&#233; is a Chartered
Professional Accountant. </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">In addition to his current
activities set out in the Directors&#8217; table above, he</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> also serves on the
Audit Committees of the Boards of Directors of Ainsworth Lumber Co. Ltd. </font><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">and Textron Inc.
and previously chaired CAE&#8217;s Audit Committee.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Mr. Stevens has
extensive managerial experience within the aerospace sector. This managerial
experience, set out in the Directors&#8217; table above, has provided Mr. Stevens
with significant insight into financial issues encountered by companies
conducting business within the aerospace sector.&#160; </font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Ms. Walsh is
currently the CEO of Boston Medical Center, which</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">is one
of the largest safety net hospitals in New England. Ms. Walsh has extensive
financial and accounting knowledge gained from her managerial experience, which
is outlined in the Directors&#8217; table above. </font></p>

<h1 style="font-variant:small-caps;line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><a name="_Toc389219079"></a></h1>
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<p align=right style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<h1 style="font-variant:small-caps;line-height:13.0pt;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face=helvetica,sans-serif style="font-variant:normal;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></b></font><font face=helvetica,sans-serif style="font-variant:normal;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;text-transform:uppercase;">Approval of Services</font></b></font></h1>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The
Audit Committee is responsible for the appointment, compensation, retention and
oversight of the work of CAE&#8217;s independent auditor.&#160; The Audit Committee must
pre-approve any audit and non-audit services performed by
PricewaterhouseCoopers LLP (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">PwC</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;), CAE&#8217;s auditor, or such services must
be entered into pursuant to the policies and procedures established by the
Committee. Pursuant to such policies the Audit Committee annually authorizes
CAE and our affiliates to engage the auditor for specified permitted tax,
financial advisory and other audit-related services up to specified fee levels.
The Audit Committee has considered and concluded that the provision of these
services by PwC is compatible with maintaining PwC&#8217;s independence. The Audit
Committee&#8217;s policy also identifies prohibited services that PwC is not to
provide to CAE.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">PwC has advised
that they are independent with respect to CAE within the meaning of the Code of
Ethics of the Ordre des comptables professionnels agr&#233;&#233;s du Qu&#233;bec</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The following chart
shows all fees paid to PwC by CAE and our subsidiaries in the most recent and
prior fiscal year for the various categories of services (generic description
only).</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> &nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:36.9pt;width:365.399994pt;">
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  <td valign=top width=39% style="border:solid windowtext 1.0pt;height:9.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">FEE TYPE</font></b></p>
  </td>
 <td valign=top width=28% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:9.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;letter-spacing:0pt;">2014</font></b></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:9.15pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">2013</font></b></p>
  </td>
 </tr>
<tr style="height:5.7pt;">
  <td valign=top width=39% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:5.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 valign=top width=61% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:5.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">($ MILLIONS)</font></p>
  </td>
 </tr>
<tr style="height:9.7pt;">
  <td valign=top width=39% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:9.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">1. Audit services</font></p>
  </td>
 <td valign=top width=28% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:9.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">3.2</font></p>
  </td>
 <td valign=bottom width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:9.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">2.9</font></p>
  </td>
 </tr>
<tr style="height:9.7pt;">
  <td valign=top width=39% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:9.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">2. Audit-related services</font></p>
  </td>
 <td valign=top width=28% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:9.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">0.2</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:9.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">0.3</font></p>
  </td>
 </tr>
<tr style="height:9.7pt;">
  <td valign=top width=39% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:9.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">3. Tax services</font></p>
  </td>
 <td valign=top width=28% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:9.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">0.9</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:9.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">0.6</font></p>
  </td>
 </tr>
<tr style="height:9.7pt;">
  <td valign=top width=39% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:9.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> Total</font></b></p>
  </td>
 <td valign=top width=28% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:9.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="font-size:9.0pt;">4.3</font></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:9.7pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif style="font-size:9.0pt;">3.8</font></b></p>
  </td>
 </tr>
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<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=windowtext face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;letter-spacing:0pt;text-decoration:none;">&nbsp;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=windowtext face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;letter-spacing:0pt;text-decoration:none;">Audit fees are comprised of fees billed
for professional services for the audit of CAE&#8217;s annual financial statements
and services that are normally provided by PwC in connection with statutory and
regulatory filings, including the audit of the internal controls over financial
reporting as required by the Sarbanes-Oxley legislation.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Audit-related
fees are comprised of fees relating to work performed in connection with CAE&#8217;s </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">acquisitions,
translation and other miscellaneous accounting-related services</font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">.&nbsp;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Tax
fees are related to tax compliance support.</font></p>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><a name="_Toc389219080"></a><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">12.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">ADDITIONAL
INFORMATION</font></b></h1>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Additional
information, including Directors' and Officers' remuneration and indebtedness,
principal holders of CAE's securities, options to purchase securities and
interests of insiders in material transactions, where applicable, is contained
in the Management Proxy Circular dated June 7, 2014, in connection with CAE's
Annual Meeting of Shareholders to be held on August 13, 2014. Additional
financial information, including comparative consolidated audited financial
statements and MD&amp;A, are provided in CAE&#8217;s Annual Report to the
shareholders for the financial year ended March 31, 2013.&#160; A copy of such
documents may be obtained from the Vice President, Global Communications or the
Secretary of </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE upon request, or are available
online at www.sedar.com, as well as CAE&#8217;s website at www.cae.com.</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">In addition, CAE
will provide to any person or company, upon request to the Vice President,
Global Communications or the Secretary of CAE, the documents specified below:</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">(a)&#160;&#160; When
the securities of CAE are in the course of a distribution under a preliminary
short form prospectus or a short form prospectus:</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:40.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-40.5pt;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; (i)&#160;&#160;&#160;&#160;&#160; one
copy of CAE&#8217;s annual information form together with one copy of any document,
or the pertinent pages of any document, incorporated by reference in such
annual information form;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:40.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-40.5pt;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; (ii)&#160;&#160;&#160;&#160; one
copy of CAE&#8217;s comparative financial statements for our most recently completed
financial year together with the accompanying report of the auditors and one
copy of CAE&#8217;s most recent interim financial statements for any period after the
end of our most recently completed financial year;</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:40.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-40.5pt;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; (iii)&#160;&#160;&#160; one
copy of the information circular in respect of our most recent annual meeting
of shareholders that involved the election of Directors; and</font></p>


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<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:40.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-40.5pt;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; (iv)&#160;&#160;&#160; one copy of any other
documents which are incorporated by reference into the preliminary short form prospectus
or the short form prospectus and are not required to be provided under (i) to
(iii) above; or</font></p>

<p style="line-height:13.0pt;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">(b)&#160;&#160; At
any other time, one copy of any other document referred to in clauses (i), (ii)
and (iii) of paragraph (a) above, provided that CAE may require the payment of
a reasonable charge if the request is made by a person or company who is not a
security holder of CAE. </font></p>




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<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">GLOSSARY</font></b></h1>

<p style="margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">For the purposes
of this Annual Information Form, the following terms have the meanings set out
below:</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;AIF&#8221; </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means the</font><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Annual Information Form </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;Annual
Report&#8221; </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means the Annual Report to Shareholders for the year ended March
31, 2014 </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=FR-CA style="font-size:9.0pt;">&#8220;C4ISR&#8221; </font></b><font face=helvetica,sans-serif lang=FR-CA style="font-size:9.0pt;">means&nbsp;</font><b><font face=helvetica,sans-serif lang=FR-CA style="font-size:9.0pt;">
</font></b><font face=helvetica,sans-serif lang=FR-CA style="font-size:9.0pt;">Command, Control, Communications, Computers, Intelligence, Surveillance and
Reconnaissance </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=FR-CA style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;CBCA&#8221;
</font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means the</font><i><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> Canada Business Corporations Act</font></i><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> &nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;letter-spacing:-.05pt;">&#8220;CCAA&#8221; </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means the </font><i><font color=black face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;letter-spacing:-.05pt;">Companies&#8217; Creditors Arrangement Act</font></i><font color=black face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;letter-spacing:-.05pt;"> &nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;CE/CDB&#8221;
</font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means CAE&#8217;s Common Environment/Common Data Base </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;COMAC&#8221;
</font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means Commercial Aircraft Corporation of China, Ltd </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;Company&#8221;
</font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">or </font><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;CAE&#8221; </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means CAE Inc. </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;Consolidated
Financial Statements&#8221;</font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> means the Consolidated
Financial Statements for the year ended March 31, 2014, and the notes thereto</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;FFS&#8221; </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means full-flight simulators </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;FMS&#8221; </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">full-mission simulators </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#8220;FTD&#8221; </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">flight training
devices </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;FTO&#8221; </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means a flight training organization</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;FY2014&#8221;
</font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means fiscal 2014 </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;HATSOFF&#8221;
</font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">refers to CAE&#8217;s joint venture called the Helicopter Academy to
Train by Simulation of Flying </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;HAL&#8221; </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">refers to Hindustan Aeronautics Limited </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;ICAO&#8221;
</font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means the International Civil Aviation Organization </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;MD&amp;A&#8221; </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means CAE&#8217;s </font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis of
Financial Condition and Results of Operations</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;MPL&#8221; </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means the CAE Multi-crew Pilot License</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#8220;MSHATF&#8221; </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means CAE&#8217;s </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">Medium Support Helicopter Aircrew Training
Facility in the U.K.</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;</font><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">OEM</font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221; means the
original equipment manufacturer </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;OTSP&#8221;
</font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means Canada&#8217;s Operational Training Systems Provider program for
flight and related training</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;PwC&#8221; </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means PricewaterhouseCoopers LLP </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-GB style="font-size:9.0pt;">&#8220;RAAF&#8221;
</font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means the </font><font color=black face=helvetica,sans-serif lang=EN-GB style="font-size:9.0pt;">Royal Australian Air Force </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&#8220;RPK&#8221; </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means </font><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">revenue passenger kilometers </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;RSEU&#8221;</font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> means revenue simulator equivalent units </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;SADI&#8221;
</font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means Canada&#8217;s Strategic Aerospace and Defence Initiative </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;SP/C&#8221;
</font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means Simulation Products/Civil </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;SP/M&#8221;</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> means
Simulation Products/Military </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;TS/C&#8221;</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> means
Training &amp; Services/Civil </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;TS/M&#8221;</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;"> means
Training &amp; Services/Military </font></p>

<p style="margin-bottom:.0001pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-CA style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;UAS&#8221; </font></b><font color=black face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">means unmanned aerial systems </font></p>

<p align=center style="margin-bottom:6.0pt;margin-left:28.35pt;margin-right:0in;margin-top:0in;text-align:center;"><a name="_Toc389219082"></a></p>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 6pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt 28.35pt" align=center><FONT style="FONT-VARIANT: small-caps" face=helvetica,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>SCHEDULE A &#8211; SUBSIDIARIES</FONT></B></FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Set forth below are the names of all the direct and indirect subsidiaries of CAE as at March 31, 2014.&nbsp; All companies are wholly owned except as noted. </FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Name of Subsidiary</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 6pt 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Jurisdiction of Incorporation</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Canada</FONT></I></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>7320701 Canada Inc. .................................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Canada</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>8218765 Canada Inc. .................................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Canada</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Flightscape Inc. ..................................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Ontario</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Healthcare Canada Inc. ........................................................................................ </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Canada</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE International Holdings Limited .............................................................................. </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Canada</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Machinery Ltd. ...................................................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>British Columbia </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Mining Canada Inc. ............................................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Canada</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Mining Holdings Inc. ............................................................................................. </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Canada</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Railway Ltd. .......................................................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Canada </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Services (Canada) Inc........................................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Canada</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Simulator Services Inc. ......................................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Qu&#233;bec</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Wood Products G.P.</FONT><SUP>
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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=FR face=helvetica,sans-serif>Aviation Personnel Support Services Limited. .............................................................. </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Ireland</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=helvetica,sans-serif>Backairn Limited</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>............................................................................................................. &nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=FR-CA face=helvetica,sans-serif>United Kingdom</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Aircrew Training Services plc (78%)...................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>United Kingdom</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Aviation Training B.V............................................................................................. </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Netherlands</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Beyss Grundst&#252;cksgesellschaft GmbH ................................................................ </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Germany</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=NL face=helvetica,sans-serif>CAE Center Amsterdam B.V.......................................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Netherlands</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=FR-CA face=helvetica,sans-serif>CAE Center Brussels N.V.............................................................................................. </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Belgium</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Centre Copenhagen A/S ....................................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Centre Oslo AS. .................................................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=helvetica,sans-serif>CAE Global Academy &#201;vora, SA................................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Healthcare GmbH ................................................................................................. </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Healthcare KFT ..................................................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Holdings BV........................................................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Holdings Limited.................................................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE International Capital Management Hungary LLC................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=helvetica,sans-serif>CAE Investments S.&#224;r.l.................................................................................................. </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=FR face=helvetica,sans-serif>CAE Luxembourg Acquisition S.&#224;r.l............................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=FR face=helvetica,sans-serif>CAE Management Luxembourg S.&#224;r.l........................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Oxford Aviation Academy Amsterdam B.V. ......................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" face=helvetica,sans-serif>CAE Services GmbH...................................................................................................... </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=helvetica,sans-serif>Spain</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=helvetica,sans-serif>CAE STS Limited........................................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=FR-CA face=helvetica,sans-serif>United Kingdom</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Training &amp; Services Brussels NV .......................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Training &amp; Services UK Ltd. .................................................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>United Kingdom</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Training Aircraft B.V............................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Training Norway AS............................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE (UK) plc.................................................................................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>United Kingdom</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Verwaltungsgesellschaft mbH............................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Germany</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CVS Leasing Limited (13.39%)...................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>United Kingdom</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Embraer CAE Training Services (UK) Limited (49%)..................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>United Kingdom</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Eurofighter Simulation Systems GmbH (12%) .............................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Germany</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>GCAT Flight Academy Malta Limited ............................................................................ </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Malta</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Helicopter Training Media International GmbH (50%)................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Germany</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>HFTS Helicopter Flight Training Services GmbH (25%)................................................ </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Germany</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Mineral Industries Computing Limited............................................................................ </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>United Kingdom</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Oxford Aviation Academy (Oxford) Limited.................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>United Kingdom</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Oxford Aviation Academy Europe AB............................................................................ </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Sweden</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Oxford Aviation Academy European Holdings AB......................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Sweden</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Oxford Aviation Academy Finance Limited.................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Ireland</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Oxford Aviation Academy Ireland Holdings Limited....................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Ireland</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Oxford Aviation Academy Latvia SIA............................................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Latvia</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Oxford Aviation Academy Norway Holdings AS............................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Norway</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Parc Aviation (UK) Limited............................................................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>United Kingdom</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Parc Aviation Engineering Services Limited.................................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Ireland</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Parc Aviation International Limited................................................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Ireland</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Parc Aviation Limited..................................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Ireland</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Parc Aviation Services Limited....................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Isle of Man</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Parc Interim Limited....................................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Ireland</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Parc Selection Limited................................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Isle of Man</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Presagis Europe (S.A.) ................................................................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>France</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=DE face=helvetica,sans-serif>Rotorsim s.r.l. (50%)...................................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=DE face=helvetica,sans-serif>Italy</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=helvetica,sans-serif>Servicios de Instrucci&#243;n de Vuelo, S.L. (80%)............................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Spain</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Simubel N.V. (a CAE Aviation Training Company)........................................................ </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Belgium</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>SIV Ops Training, S.L.................................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Spain</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 19.8pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 19.8pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 19.8pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 19.8pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 19.8pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Other</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 19.8pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Asian Aviation Centre of Excellence (Singapore) Pte Ltd.(50%) .................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Singapore</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Asian Aviation Centre of Excellence Sdn. Bhd. (50%) .................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Malaysia</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Aircraft Maintenance Pty Ltd. ................................................................................ </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Australia</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Aviation Training Chile Limitada</FONT><SUP>
   <A href="#_ftn4" name=_ftnref4><SUP><SUP><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US color=blue face=helvetica,sans-serif>[4]</FONT></SUP></SUP></A></SUP><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>........................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Chile</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Aviation Training International Ltd......................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Mauritius</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Aviation Training Peru S.A. ................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Peru</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Brunei Multi Purpose Training Center SDN BHD (60%)........................................ </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Brunei</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Centre Hong Kong Limited.................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>China</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE China Support Services Company Limited ........................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>China</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Datamine Peru S.A. .............................................................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Peru</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Dubai LLC (49%)................................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Dubai</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Flight &amp; Simulator Services Sdn. Bhd. .................................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Malaysia</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Flight and Simulator Services Korea Ltd............................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Korea</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Flight Training (India) Private Limited (50%)......................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>India</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Flight Training Center Mexico, S.A. de C.V. ......................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Mexico</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE India Private Limited (76%).................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>India</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Integrated Enterprise Solutions Australia Pty Ltd.................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Australia</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Japan Flight Training Inc. J</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Japan</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Labuan Inc. ........................................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Malaysia</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Melbourne Flight Training Pty Ltd.......................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Australia</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Middle East Holdings Limited (50%) ..................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Dubai</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Mining Africa (Pty) Ltd. ......................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>South Africa</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Mining Australia Pty Ltd. ....................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Australia</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Mining Brasil Solu&#231;oes em Tecnologia Ltda. ........................................................ </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Mining Chile SA .................................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Chile</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Mining Services Mexico, S.A. de C.V.................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Mexico</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE New Zealand Pty Limited....................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>New Zealand</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE Shanghai Company, Limited ................................................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Shanghai</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=FR-CA face=helvetica,sans-serif>CAE Simulation Technologies Private Limited............................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=FR-CA face=helvetica,sans-serif>India</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=IT face=helvetica,sans-serif>CAE Simulation Training Private Limited (25%)</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>............................................................. &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>India</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=IT face=helvetica,sans-serif>CAE Singapore (S.E.A.) </FONT><FONT style="FONT-SIZE: 9pt" lang=FR-CA face=helvetica,sans-serif>Pte Ltd. </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>.................................................................................. &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=FR-CA face=helvetica,sans-serif>Singapore</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE South America Flight Training do Brasil Ltda........................................................ </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Brazil </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>CAE-LIDER Training Do Brasil Ltda. (50%)................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>China Southern West Australia Flying College Pty Ltd (47%)....................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Australia</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Emirates-CAE Flight Training (L.L.C.) (49%)................................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Dubai</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Flight Training Device (Mauritius) Limited...................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Mauritius</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>GCAT Australia PTY Limited ......................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Australia</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>HATSOFF Helicopter Training Private Limited (50%).................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>India</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>International Flight School (Mauritius) Ltd. .................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Mauritius</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Kestrel Technologies Pte Ltd. ....................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Singapore</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>National Flying Training Institute Private Limited (51%) ............................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>India</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Oxford Aviation Academy (Australia) Pty Ltd................................................................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Australia</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Oxford Aviation Academy Holdings Pty Ltd................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Australia</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Parc Aviation Japan Limited........................................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Japan</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Philippine Academy for Aviation Training, Inc. (40%).................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Philippines</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Rotorsim Australia Pty Ltd. ............................................................................................ </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Australia</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Sabena Flight Academy &#8211; Africa (34%) Came</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Cameroun</FONT></P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Simulator Servicios Mexico, S.A. de C.V. ..................................................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Mexico</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Zhuhai Free Trade Zone Xiang Yi Aviation Technology Company Limited................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>China</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="75%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>Zhuhai Xiang Yi Aviation Technology Company Limited (49%)..................................... </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif>China</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=helvetica,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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  <td width=75% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
   <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Name of
   Subsidiary</font></b></p>
   </td>
 <td width=25% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
   <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Jurisdiction of</font></b></p>
   <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Incorporation</font></b></p>
   </td>
 </tr>
<tr>
  <td valign=top width=75% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">BGT BioGraphic Technologies Inc................................................................................. </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Canada</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=75% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE Beteiligungsgesellschaft mbH................................................................................ </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Germany</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=75% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE Screenplates SA.................................................................................................... </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">France</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=75% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">GCAT Flight Academy Germany GmbH........................................................................ </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Germany</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=75% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">ICCU Imaging Inc........................................................................................................... </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Canada</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=75% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Invertron Simulators plc................................................................................................. </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">United Kingdom</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=75% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">ISDAT Simulation SDN BHD (20%)............................................................................... </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Malaysia</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=75% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Oxford
  Aviation Academy Finco S.&#224; r.l.......................................................................... </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Luxembourg</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=75% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Oxford Aviation Academy
  Luxembourg S.&#224; r.l............................................................... </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Luxembourg</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=75% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Oxford Aviation Academy
  Luxembourg 2 S.&#224; r.l............................................................ </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Luxembourg</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=75% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Oxford Aviation Academy
  Luxembourg 3 S.&#224; r.l............................................................ </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Luxembourg</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=75% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Parc-CV Limited............................................................................................................. </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Ireland</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=75% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Parc Aviation Training Limited....................................................................................... </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Ireland</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=75% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Xtend Inc........................................................................................................................ </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Utah</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=75% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=DE style="font-size:9.0pt;">ZFB Zentrum f&#252;r Flugsimulation
  Berlin GmbH (17%).................................................... </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Germany</font></p>
  </td>
 </tr>
</table></div>


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<p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">SCHEDULE
B &#8211; AUDIT COMMITTEE MANDATE</font></p>

<p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">cae
inc.</font></b></font></p>

<p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Membership
and Responsibilities of</font></b></font></p>

<div style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 1.0pt 0in;">

<p align=center style="border:none;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:center;"><font face=helvetica,sans-serif style="font-variant:small-caps;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">the Audit Committee of the Board of Directors</font></b></font></p>

</div>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face=helvetica,sans-serif style="font-variant:normal;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">1.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></b></font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Role
and Membership</font></b></h1>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The
Audit Committee (the &#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Committee</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) shall be a committee of the Board of
Directors.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The
Committee shall consist of three to five directors (one of whom shall be the
Chairman of the Committee). All members of the Committee shall be independent
directors, as determined by the Board taking into consideration applicable
laws, regulations and other requirements and regulatory guidelines applicable
to such determination. Each member shall annually certify to CAE Inc. (&#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">CAE</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;
or the &#8220;</font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Company</font></b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;) as to his or her independence, in form compliant with
the standards of independence set out by regulatory authorities, stock
exchanges and other applicable laws, regulations and requirements.&#160; Each member
shall be able to read and understand financial statements (balance sheet,
income statement, cash flow statement) that present a breadth and level of
complexity of accounting issues that are generally comparable to the breadth
and complexity of the issues that can reasonably be expected to be raised by CAE&#8217;s
financial statements, or shall become able to do so within a reasonable period
of time after joining the audit committee. One member shall qualify as a
&#8220;financial expert&#8221; (as defined by applicable regulation) and therefore have
past employment in finance, accounting or any other comparable experience or
background providing financial expertise. The Committee composition, including
the qualifications of its members, shall comply with the requirements of
regulatory authorities, stock exchanges and other applicable laws, regulations
and requirements, as such requirements may be amended from time to time.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The
Chairman of the Committee and its members shall be elected annually by the
Board of Directors following recommendation of the Governance Committee and the
Chairman of the Board. If the designated Chairman of the Committee is unable to
attend a Committee meeting, the other Committee members present shall elect a
replacement Chairman for that meeting.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">A
majority of members of the Committee shall constitute a quorum.</font></p>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face=helvetica,sans-serif style="font-variant:normal;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">2.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></b></font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Responsibilities</font></b></h1>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Work
closely and cooperatively with such officers and employees of CAE, its
auditors, and/or other appropriate advisors and with access to such information
as the Committee considers to be necessary or advisable in order to perform its
duties and responsibilities, as assigned by the Board of Directors, in the
following areas:</font></p>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face=helvetica,sans-serif style="font-variant:normal;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">3.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></b></font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Review
of Audited Financial Statements</font></b></h1>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">3.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Review the
annual audited consolidated financial statements and make specific
recommendations to the Board of Directors. As part of this process the
Committee should:</font></h2>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Review
the appropriateness of and any changes to the underlying accounting principles
and practices.</font></p>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Review
the appropriateness of estimates, judgments of choice and level of conservatism
of accounting alternatives.</font></p>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Review
annually with management, external and internal auditors the identification,
assessment and resulting mitigation strategy for financial risks, and the input
of the integrated risk assessment into the annual audit planning cyclewith
subsequent quarterly updates by Chief Financial Officer of any material changes
with respect to financial risk assessment. . </font></p>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Oversee
the review by internal audit of the existence and effectiveness of CAE&#8217;s
group-wide risk management program.</font></p>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Review
the annual audited financial statements and actuarial valuation reports, if
any, for the Supplementary Pension, Designated Executive Pension Plan, Employee
Pension Plan, U.S. 401(K) Retirement Savings Plans and other material pension
plans of the Company and its subsidiaries.</font></p>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">4.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Engagement
of External Auditors</font></b></h1>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">4.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Recommend to the
Board of Directors the appointment of the external independent auditor, which
shall be accountable to the Board and the audit committee as representatives of
the shareholders.</font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">4.2</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Review and
approval of engagement letter. As part of this review the committee reviews and
recommends to the Board of Directors for their approval the auditors&#8217; fees for
the annual audit. The Committee is responsible for the oversight of the work of
the Company&#8217;s auditor for the purpose of preparing or issuing an audit report
or related work, and the auditor shall report directly to the Committee. The
Committee shall pre-approve the engagement of the external auditors for the
audit, any audit-related services, advice with respect to taxation matters and
other permitted services and fees for such services, including approval
processes for any such service that comply with the requirements of regulatory
authorities, stock exchanges and other applicable laws, regulations and requirements,
as amended from time to time. </font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">4.3</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Receipt of a
written statement not less than annually from the external auditor describing
in detail all relationships between the auditor and CAE that may impact the
objectivity and independence of the auditor. Review annually with the Board of
Directors the independence of the external auditors and either confirm to the
Board of Directors that the external auditors are independent in accordance
with applicable listing requirements, laws, regulations and other regulatory
guidelines, or </font></h2>
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</DIV>
<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">recommend that the Board of Directors
take appropriate action to satisfy itself of the external auditors&#8217;
independence. Review and approve CAE&#8217;s hiring policies regarding partners,
employees and former partners and employees of the present and former external
auditor of CAE.</font></h2>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face=helvetica,sans-serif style="font-variant:normal;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">5.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></b></font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Review
and Discussion with External Auditors</font></b></h1>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">5.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Review with the
external auditors and management the annual external audit plans and agenda
which would include objectives, scope, risks assessments, timing, materiality
level and fee estimate. </font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">5.2</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Request and
review an annual report prepared by the external auditors of any significant
recommendations to improve internal control over financial reporting and
corresponding management responses. </font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">5.3</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Request and
review an annual report prepared by the external auditors regarding the
auditor&#8217;s internal quality-control procedures, material issues raised by the
most recent internal quality-control review of the auditors, or by any inquiry
or investigation by governmental or professional authorities, within the
preceding 5 years, respecting one or more audits carried out by the auditors,
and any steps taken to deal with any such issues. </font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">5.4</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Hold timely
discussions with the external auditors regarding (i) critical accounting
policies and practices, (ii)&nbsp;alternative treatments of financial
information within generally accepted accounting principles related to material
items discussed with management, ramifications thereof and treatment preferred
by the external auditor, and (iii) other material written communication between
the external auditor and management, including the management letter and
schedule of unadjusted differences.</font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">5.5</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Meet to review
and discuss with the external auditors the </font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;layout-grid-mode:char;">annual audited financial statements
and quarterly financial statements, including disclosures in management
discussion and analysis.</font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">5.6</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;layout-grid-mode:char;">Meet separately, quarterly, with the external auditors (including the
lead partner)</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">.&nbsp;</font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">5.7</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Make specific
and direct inquiry of the external auditors&#8217; work relating to:</font></h2>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; Performance
of management involved in the preparation of financial statements.</font></p>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; Any
restrictions on the scope of audit work.</font></p>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; The level
of cooperation received in the performance of the audit.</font></p>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; The
effectiveness of the work of internal audit.</font></p>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; Any
unresolved material differences of opinion or disputes between management and
the external auditors, and be directly responsible for overseeing the
resolution of disagreements between management and the external auditors
regarding financial reporting.</font></p>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; Any
transactions or activities which may be illegal or unethical.</font></p>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; Independence
of the external auditor including the nature and fees of non-audit services
performed by external audit firm and its affiliates.</font></p>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Any
other matter so desired.</font></p>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">5.8</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Provide
evaluation and regular feedback </font><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">to the external auditors</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">.&nbsp;</font></h2>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face=helvetica,sans-serif style="font-variant:normal;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">6.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></b></font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Review
and Discussion with Internal Auditors</font></b></h1>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">6.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Review the
annual internal audit plan including assessment of audit risk, planned
activities, level and nature of reporting, audit organization and annual
budget. </font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;layout-grid-mode:char;">6.2</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;layout-grid-mode:char;">Periodically review the adequacy and effectiveness of the Company&#8217;s
disclosure controls and procedures and the Company&#8217;s internal control over
financial reporting, including any significant deficiencies and significant
changes in internal controls.</font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;layout-grid-mode:char;">6.3</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Set and
communicate to the director of internal audit high</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;layout-grid-mode:char;"> expectations
and hold him/her and the department accountable for meeting them. Provide
guidance on reported potential management lapses and evaluate the status and
implementation of recommendations.</font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;layout-grid-mode:char;">6.4</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;layout-grid-mode:char;">Meet separately, regularly, with the director of internal audit. </font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">6.5</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Make specific
and direct inquiry of the internal auditors&#8217; work relating to:</font></h2>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Any
significant recommendations to improve financial, operational and compliance
internal controls and corresponding management responses.</font></p>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">The
level of independence of internal audit.</font></p>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Any
material disagreement with management or scope or restrictions encountered in
the course of the function&#8217;s work.</font></p>

<p style="margin-bottom:6.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Any
other matter so desired.</font></p>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">6.6</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Discuss
goals and evaluate the performance of the Director of Internal Audit. Oversee
at least once every five years an </font></h2>
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</DIV>
<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">external review of
the internal audit function</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">.&nbsp;</font></h2>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face=helvetica,sans-serif style="font-variant:normal;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">7.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></b></font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Review
and Discussion with Management</font></b></h1>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">7.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Review and
assess the adequacy and quality of organization, staffing and succession
planning for accounting and financial responsibilities (including internal
audit). </font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">7.2</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Review analyses
prepared by management setting forth significant financial reporting issues and
judgements made in connection with the preparation of the financial statements,
including analyses of the effect of alternative </font><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">and/or new</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;"> GAAP methods on the financial
statements.</font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">7.3</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Discuss with
management the annual audited financial statements and quarterly financial
statements and the independent auditor, including CAE&#8217;s disclosures under
Management&#8217;s Discussion and Analysis of Financial Condition and Results of
Operations (&#8220;</font><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">MD&amp;A</font></b><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">&#8221;).&nbsp;</font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">7.4</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Review with
management the annual performance of external and internal audit and respond to
results thereof.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">7.5</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Review at least
annually with management:</font></h2>

<p style="margin-bottom:12.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Tax
compliance;</font></p>

<p style="margin-bottom:12.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">IT
and Cyber-Security risks and controls; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:56.7pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-21.25pt;"><font face=symbol lang=EN-US style="font-size:9.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Capital
structure appropriateness and efficiency.</font></p>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">8.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Review
and Discussion with the Human Resources Committee</font></b></h1>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">8.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">On
request, provide support to </font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">the Human Resources Committee of the Board (&#8220;</font><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">HR Committee</font></b><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">&#8221;) regarding management incentives and related topics
(including compensation and appropriate use of corporate assets).</font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">8.2</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif lang=EN-US style="font-size:9.0pt;font-weight:normal;">Support
with the HR Committee in its assessment of </font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">the incentive structure and whether it contributes to
increased fraud or other risks.</font></h2>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face=helvetica,sans-serif style="font-variant:normal;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">9.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></b></font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Review
of Public Disclosure Documents</font></b></h1>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">9.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Review all
material public documents relating to CAE&#8217;s financial performance, financial
position or analyses thereon, including financial statements, MD&amp;A, annual
and interim earnings press releases and the Annual Information Form (&#8220;</font><b><font face=Helvetica,sans-serif style="font-size:9.0pt;">AIF</font></b><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">&#8221;), prior to their release. Review and monitor practices and procedures
adopted by the Company to assure compliance with applicable listing
requirements, laws, regulations and other rules, and where appropriate, make
recommendations or reports thereon to the Board of Directors. Discuss CAE&#8217;s
financial information and earnings guidance, if any, provided to analysts and
rating agencies.</font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">9.2</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Review major
issues regarding accounting principles and financial report presentations,
including any significant changes in the accounting principles to be observed
in the preparation of the accounts of the Company and its subsidiaries, or in
their application; major issues as to the Company&#8217;s internal controls; and any
special audit steps adopted in light of material control deficiencies.</font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">9.3</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Prepare/review
such reports of the Committee as may be required by any applicable securities
regulatory authority to be included in the Company&#8217;s management proxy circular
or any other disclosure document of the Company.</font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">9.4</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">The Committee
shall review and approve the procedures set out in the Company&#8217;s Corporate
Communications &amp; Disclosure Policy and will annually verify that adequate
procedures exist within the Company for the review of its disclosure of
financial information derived from its financial statements.</font></h2>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">10.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Ethical
and Legal compliance</font></b></h1>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">10.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Oversee, review,
and annually update the Company&#8217;s code of business conduct and the company&#8217;s
system to monitor compliance with and enforce this code.</font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">10.2</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Review, with the
Company&#8217;s general counsel, legal compliance and legal matters that could have a
significant impact on the Company&#8217;s financial statements.</font></h2>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face=helvetica,sans-serif style="font-variant:normal;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">11.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></b></font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Other
Responsibilities</font></b></h1>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">11.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">The Board may
refer from time to time such matters relating to the financial affairs and risk
management of the Company as the Board may deem appropriate.</font></h2>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face=helvetica,sans-serif style="font-variant:normal;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">12.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></b></font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Meetings</font></b></h1>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">12.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">The Committee
shall meet at such times as deemed necessary by the Board or the Committee and
shall report regularly to the Board.</font></h2>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face=helvetica,sans-serif style="font-variant:normal;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">13.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></b></font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Engagement
of Professional Services</font></b></h1>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">13.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">The Committee is
authorized to engage independent counsel, and other advisers, as it determines
necessary to carry out its </font></h2>
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<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">duties. The Company shall
provide for appropriate funding, as determined by the Committee, for such
services.</font></h2>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face=helvetica,sans-serif style="font-variant:normal;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">14.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></b></font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Handling
of Complaints</font></b></h1>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">14.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">The Committee
shall maintain procedures for the receipt, retention and treatment of
complaints received by the Company regarding accounting, internal accounting
controls or auditing matters, and the confidential, anonymous submission by
employees of the Company of concerns regarding questionable accounting or auditing
matters.</font></h2>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><font face=helvetica,sans-serif style="font-variant:normal;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">15.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></b></font><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Annual
Review</font></b></h1>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">15.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">The Committee
shall review and assess the adequacy of its mandate annually, report to the
Board of Directors thereon and recommend to the Board of Directors (for
approval) any proposed changes to its processes, procedures and agendas, as
well as this charter. </font></h2>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">15.2</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">The Committee
shall also perform an annual evaluation of the composition (including
considering periodically rotating its members), independence and performance of
the Committee and shall report to the Chairman of the Governance Committee of
the CAE Board of Directors thereon.</font></h2>

<h1 style="font-variant:small-caps;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">16.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;">Orientation
and Continuing Education</font></b></h1>

<h2 style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">16.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Helvetica,sans-serif style="font-size:9.0pt;font-weight:normal;">Identify and
participate where appropriate or necessary in continuing audit committee
education reading and/activities.</font></h2>

<p style="line-height:normal;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif lang=EN-US style="font-size:9.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>



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<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>en-fsmarch2014.htm
<DESCRIPTION>AUDITED ANNUAL FINANCIAL STATEMENTS FYE MARCH 31, 2014
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">&nbsp;</font></font></p>


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<h1 style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font style="font-size:11.0pt;font-weight:normal;text-transform:uppercase;">CAE Inc.</font></font></h1>

<h1 style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font style="font-size:8.0pt;font-weight:normal;text-transform:uppercase;">&nbsp;</font></font></h1>

<h1 style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font style="font-size:11.0pt;font-weight:normal;text-transform:uppercase;">Consolidated Financial Statements</font></font></h1>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=calibri,sans-serif><font lang=EN-CA style="font-size:8.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:467.999969pt;">
 <tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:5.0pt;"><font face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Management&#8217;s Report on Internal Control
  Over Financial Reporting</font></b></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">1</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:5.0pt;"><font face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Report of Independent Registered Public
  Accounting Firm</font></b></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">1</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:5.0pt;"><font face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Consolidated Financial Statements</font></b></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Consolidated Statement of Financial Position</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">3</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Consolidated Income Statement</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">4</font></font></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td valign=bottom width=68% style="height:9.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Consolidated Statement of Comprehensive Income</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:9.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">5</font></font></p>
  </td>
 </tr>
<tr style="height:9.9pt;">
  <td valign=bottom width=68% style="height:9.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Consolidated Statement of Changes in Equity</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:9.9pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">6</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Consolidated Statement of Cash Flows</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">7</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Notes to the Consolidated Financial
  Statements</font></b></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 1 &#8211; Nature of Operations and Summary of
  Significant Accounting Policies</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">8</font></font></p>
  </td>
 </tr>
<tr style="height:10.35pt;">
  <td valign=bottom width=68% style="height:10.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 2 &#8211; Changes in Accounting Policies </font></font></p>
  </td>
 <td valign=bottom width=32% style="height:10.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">19</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 3 &#8211; Business Combinations</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">23</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 4 &#8211; Accounts Receivable</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">23</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 5 &#8211; Inventories</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">24</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 6 &#8211; Property, Plant and Equipment</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">24</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 7 &#8211; Intangible Assets</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">25</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 8 &#8211; Other Assets</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">26</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 9 &#8211; Accounts Payable and Accrued Liabilities</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">27</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 10 &#8211; Contracts in Progress</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">27</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 11 &#8211; Provisions</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">27</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 12 &#8211; Debt Facilities</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">28</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 13 &#8211; Government Assistance</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">30</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 14 &#8211; Employee Benefits Obligations</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">31</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 15 &#8211; Deferred Gains and Other Non-Current
  Liabilities</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">35</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 16 &#8211; Income Taxes</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">35</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 17 &#8211; Share Capital, Earnings per Share and
  Dividends</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">38</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 18 &#8211; Accumulated Other Comprehensive Income
  (Loss)</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">39</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 19 &#8211; Employee Compensation</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">39</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 20 &#8211; Impairment of Non-Financial Assets</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">39</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 21 &#8211; Other Gains &#8211; Net</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">40</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 22 &#8211; Restructuring, Integration and
  Acquisition Costs</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">40</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 23 &#8211; Finance Expense &#8211; Net</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">40</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 24 &#8211; Share-Based Payments</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">41</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 25 &#8211; Supplementary Cash Flows Information</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">45</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 26 &#8211; Contingencies</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">45</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 27 &#8211; Commitments</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">45</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 28 &#8211; Capital Risk Management</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">46</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 29 &#8211; Fair Value of Financial Instruments</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">47</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 30 &#8211; Financial Risk Management</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">50</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 31 &#8211; Operating Segments and Geographic
  Information</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">56</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 32 &#8211; Related Party Relationships</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">58</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=bottom width=68% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">Note 33 &#8211; Related Party Transactions</font></font></p>
  </td>
 <td valign=bottom width=32% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">61</font></font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:12.0pt;">&nbsp;</font></font></p>




<h1 style="margin:0in;margin-bottom:.0001pt;"><b>&nbsp;</b></h1>
<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman"><font lang=EN-CA style="font-size:12.0pt;">&nbsp;</font></font></p>


</div>
</div><hr align="center" noshade size=2 width="100%">

<div style="page-break-before:always;">&nbsp;</div><a name="page_2"></a><div style="padding-left:0%;padding-right:0%;width:100%;">

<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Consolidated Financial
Statements</font></font><font>&nbsp;</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=white face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Consolidated Financial Statements</font></font><font color=white>&nbsp;</font></p>


</div>
<h1 style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face=Helvetica,sans-serif><font lang=EN-US style="font-size:15.0pt;font-weight:normal;text-transform:none;">Management&#8217;s Report on
Internal Control Over Financial Reporting</font></font></h1>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Management of
CAE is responsible for establishing and maintaining adequate internal control
over financial reporting (as defined in Rule 13a-15(f), 15d-15(f) under the
Securities Exchange Act of 1934). CAE&#8217;s internal control over financial
reporting is a process designed under the supervision of CAE&#8217;s President and
Chief Executive Officer and Chief Financial Officer to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of the Company&#8217;s financial statements for external reporting purposes in
accordance with Canadian generally accepted accounting principles</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">As of
March&nbsp;31,&nbsp;2014, management conducted an assessment of the
effectiveness of the Company&#8217;s internal control over the financial reporting
based on the framework and criteria established in Internal Control &#8211;
Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission. Based on this assessment, management concluded that the
Company&#8217;s internal control over financial reporting as of
March&nbsp;31,&nbsp;2014 was effective.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">M. Parent&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; S.
Lefebvre</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">President and Chief
Executive Officer&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Vice-president, Finance and Chief Financial
Officer</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Montreal (Canada)</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">May&nbsp;15,&nbsp;2014</font></font></p>

<h1 style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><b><font style="font-size:11.0pt;text-transform:uppercase;">&nbsp;</font></b></font></h1>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:15.0pt;">Report of Independent Registered Public Accounting Firm </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">To
the Shareholders of CAE Inc. </font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
have audited the accompanying </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">consolidated </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">statement of
financial position of CAE Inc. and its subsidiaries as of March 31, 2014 and
March 31, 2013 and </font></font><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">the related </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">consolidated
income statement, statement of comprehensive income, statement of changes in
equity, and statement of cash flows for the years then ended.</font></font><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We also have audited CAE Inc.</font></font><font color=red face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> &nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">and its
subsidiaries&#8217; </font></font><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">internal control over financial
reporting as of March 31, 2014, based on </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">criteria established in
Internal Control - Integrated Framework (1992) issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO).</font></font><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> Management is responsible for these </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">consolidated </font></font><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">financial statements, for maintaining effective internal
control over financial reporting, and for its assessment of the effectiveness
of internal control over financial reporting, included in the accompanying
Management&#8217;s Report on Internal Control over Financial Reporting. Our
responsibility is to express an opinion on these </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">consolidated financial
statements and an opinion on the company&#8217;s internal control over financial
reporting based on our integrated audits</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">consolidated
</font></font><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">financial statements are free of material
misstatement and whether effective internal control over financial reporting
was maintained in all material respects. Our audits of the </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">consolidated&nbsp;</font></font><font color=red face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> &nbsp;</font></font><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">financial statements </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">included
examining, on a test basis, evidence supporting the amounts and disclosures in
the consolidated financial statements, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
consolidated </font></font><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">financial statement presentation. Our
audit of internal control over financial reporting included obtaining an
understanding of internal control over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. Our
audits also included performing such other procedures as we considered
necessary in the circumstances. We believe that our audits provide a reasonable
basis for our opinions.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">A
company&#8217;s internal control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A company&#8217;s internal control
over financial reporting includes those policies and procedures that: (i)
pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the
company; (ii) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management
and directors of the company; and (iii) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of the company&#8217;s assets that could have a material effect on the financial
statements. Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">.&nbsp;</font></font><font style="vertical-align:super;"><font color=red face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> &nbsp;</font></font></font></p>





<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">1</font></font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Consolidated Financial Statements</font></font><font>&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">&nbsp;</font></font></p>


</div>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">In our opinion,
the consolidated financial statements referred to above present fairly, in all
material respects, the financial position of CAE Inc. and its subsidiaries as
of March 31, 2014 and March&nbsp;31,&nbsp;2013 and the results of their
operations and their cash flows for the years then ended in conformity with </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">International
Financial Reporting Standards as issued by the International Accounting
Standards Board</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">.
Also, in our opinion, CAE Inc. and its subsidiaries maintained, in all material
respects, effective internal control over financial reporting as of March 31,
2014, based on criteria established in Internal Control - Integrated Framework
(1992) issued by COSO.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">As discussed in Note 2 &#8211; Changes in
Accounting Policies to the financial statements, due to the adoption of IAS 19
&#8211; Employee benefits (revised 2011) and IFRS 11 - Joint arrangements, the
company has changed its method of accounting for employee benefits obligation
and investments in joint arrangements in the year ended March 31, 2014, which
resulted in the inclusion of April 1, 2012 balance sheet.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><img height=54 src="x14062317055800.jpg" width=459><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">1</font></font><font style="vertical-align:super;"><font style="background:yellow;display:none;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> &nbsp;</font></font><font style="vertical-align:super;"><font face=helvetica,sans-serif style="background:yellow;display:none;"><font face=helvetica,sans-serif style="background:yellow;"><font lang=EN-CA style="font-size:8.5pt;">[1]&nbsp;</font></font></font></font></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Montreal,
Qu</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">ebec&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">May
15, 2014</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.5pt;">&nbsp;</font></font></p>









<hr align=left size=1 width="33%">
<div id=ftn1>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="vertical-align:super;"><font face=cambria><font lang=EN-CA style="font-size:9.0pt;">1</font></font></font><font face=cambria><font lang=EN-CA style="font-size:9.0pt;"> &nbsp;</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">CPA auditor, CA, public accountancy permit No. A123498</font></font></p>

</div>

<div>


<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">2</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">2014</font></font></p>


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&nbsp; <a name="page_4"></a>

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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:0.25in;">
  <td colspan=15 valign=bottom width=100% style="background:white;height:0.25in;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:15pt;">Consolidated Statement of Financial Position</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=44% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=white face=helvetica,sans-serif><i><font style="font-size:7.5pt;">As at March 31</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">March 31</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">March 31</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">April 1</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions of Canadian dollars)</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Notes</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2012&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=44% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Restated</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Restated</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Assets</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(Note 2)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(Note 2)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash and cash equivalents</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">312.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">260.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">254.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts receivable </font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">453.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">401.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">302.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contracts in progress : assets</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">256.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">265.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">259.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Inventories </font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">219.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">176.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">146.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Prepayments</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">76.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">53.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">46.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Income taxes recoverable</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">24.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">141.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">95.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Derivative financial assets</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">29</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">7.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">9.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">10.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total current assets</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,350.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,307.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,115.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Property, plant and equipment</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,341.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,142.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">993.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Intangible assets</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">870.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">794.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">527.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Investment in equity accounted investees</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">32</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">234.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">196.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">172.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Deferred tax assets</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">16</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">31.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">31.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">16.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Derivative financial assets</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">29</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">7.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">6.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">7.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other assets</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">8</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">400.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">211.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">195.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total assets</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4,236.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3,691.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3,028.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Liabilities and equity</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts payable and accrued liabilities</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">9</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">685.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">644.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">556.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Provisions</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">28.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">49.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">21.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Income taxes payable</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">8.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">9.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contracts in progress : liabilities</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">167.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">122.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">110.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Current portion of long-term debt </font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12 </font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">50.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">70.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">119.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Derivative financial liabilities</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">29</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">24.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">10.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">8.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total current liabilities</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">964.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">906.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">825.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Provisions</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Long-term debt </font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12 </font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,117.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,002.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">588.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Royalty obligations</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">161.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">160.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">161.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Employee benefits obligations</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">115.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">136.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">114.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Deferred gains and other non-current liabilities</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">204.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">191.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">182.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Deferred tax liabilities</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">16</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">166.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">129.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">90.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Derivative financial liabilities</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">29</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">18.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">9.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">9.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total liabilities</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,754.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2,544.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1,977.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Equity</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Share capital</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">17</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">517.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">471.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">454.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contributed surplus</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">19.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">21.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">19.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accumulated other comprehensive income (loss)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">18</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">129.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(12.0)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.0)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Retained earnings</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">775.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">633.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">563.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity attributable to equity holders of the Company</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,441.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1,114.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,031.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-controlling interests</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">40.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">31.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">20.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total equity</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,482.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1,146.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1,051.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total liabilities and equity</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4,236.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3,691.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3,028.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=44% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=15 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The accompanying notes form an integral part of these Consolidated Financial Statements.</font></font></p></td>
 </tr>
</table></div>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">3</font></font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_5"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:750pt;">
 <tr style="height:17.25pt;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:15pt;">Consolidated Income Statement</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=44% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=22% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Years ended March 31</font></i></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions of Canadian dollars, except per share amounts)</font></i></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Notes</font></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=44% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Restated</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=44% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(Note 2)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Revenue</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">31</font></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,114.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2,035.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cost of sales</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,518.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,450.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Gross profit</font></b></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">596.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">584.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Research and development expenses</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">68.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">60.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Selling, general and administrative expenses</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">287.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">264.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other gains &#8211; net</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">21</font></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(20.4)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(22.4)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">After tax share in profit of equity accounted investees</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">31</font></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(30.0)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(20.1)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Restructuring, integration and acquisition costs</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">22</font></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">68.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Operating profit</font></b></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">291.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">234.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Finance income</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">23</font></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(9.8)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.4)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Finance expense</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">23</font></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">80.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">74.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Finance expense &#8211; net</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">70.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">65.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Earnings before income taxes</font></b></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">221.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">168.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Income tax expense</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">16</font></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">30.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">28.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net income</font></b></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">191.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">140.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Attributable to:</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity holders of the Company </font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">190.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">137.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-controlling interests</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">191.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">140.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=55% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Earnings per share from continuing operations </font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">attributable to equity holders of the Company</font></b></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Basic and diluted</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">17</font></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.73&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.53&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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<tr style="height:11.25pt;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The accompanying notes form an integral part of these Consolidated Financial Statements.</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr>
  <td width=3%>&nbsp;</td>
 <td width=44%>&nbsp;</td>
 <td width=8%>&nbsp;</td>
 <td width=17%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=4%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">4</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_6"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:17.25pt;">
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:15pt;">Consolidated Statement of Comprehensive Income </font></font></p></td>
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<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=19% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Years ended March 31<sup> </sup></font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions of Canadian dollars)<sup> </sup></font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Notes</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=64% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Restated</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=64% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(Note 2)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net income<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">191.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">140.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Items that may be reclassified to net income<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Foreign currency translation<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net currency translation difference on the translation of financial </font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=64% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">statements of foreign operations<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">184.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net losses on certain long-term debt denominated in foreign </font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=64% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">currency and designated as hedges of net investments in foreign operations </font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(37.5)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.8)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Income taxes<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">16</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(4.3)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Share in foreign currency translation difference of equity accounted investees<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">16.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">4.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=66% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">159.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net changes in cash flow hedges<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Effective portion of changes in fair value of cash flow hedges<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(49.1)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.5)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Reclassification to income or to the related non-financial asset<sup>(1)(2)(3)</sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">27.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(11.9)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Income taxes<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">16</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">After tax share in net changes of cash flow hedges of equity accounted investees<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.9)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=66% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(17.0)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.4)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net change in available-for-sale financial instruments<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Net change in fair value of available-for-sale financial assets<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">29</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=66% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=10 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Items that are never reclassified to net income</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Defined benefit plan remeasurements<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Defined benefit plan remeasurements<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">13.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(26.0)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Income taxes<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">16</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(3.7)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">7.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">9.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(18.9)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Other comprehensive income (loss)<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">152.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(24.8)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total comprehensive income </font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">343.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">115.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Attributable to:<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity holders of the Company<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">341.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">112.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-controlling interests<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">343.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">115.9&nbsp;</font></font></p></td>
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<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:115%;margin:0in 0in 10pt 7.1pt;text-align:justify;text-indent:-7.1pt;"><sup><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(1)</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font></sup><font color=black face=helvetica,sans-serif style="line-height:115%;"><font color=black face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Fiscal 2014 include net losses of $20.0 million reclassified to revenue (2013 - net gains of $7.5 million) and net losses of $3.6 million reclassified to finance expense - net (2013 - net gains of $0.8 million).</font></font></font></p>

<p style="line-height:115%;margin:0in 0in 10pt 7.1pt;text-align:justify;text-indent:-7.1pt;"><sup><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(2)</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font></sup><font color=black face=helvetica,sans-serif style="line-height:115%;"><font color=black face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Fiscal 2014 include net losses of $3.8 million reclassified to the related non-financial asset (2013 - net gains of $3.6 million).</font></font></font></p>

<p style="line-height:115%;margin:0in 0in 10pt 7.1pt;text-align:justify;text-indent:-7.1pt;"><sup><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(3)</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font></sup><font color=black face=helvetica,sans-serif style="line-height:115%;"><font color=black face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">An estimated net amount of $31.9 million of losses is expected to be reclassified from other comprehensive income during the next 12 months. Future fluctuation in market rate (foreign exchange rate or interest rate) will impact the amount expected to be reclassified.</font></font></font></p>

<p style="line-height:115%;margin:0in 0in 10pt;text-align:justify;"><font color=black face=helvetica,sans-serif style="line-height:115%;"><font color=black face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The accompanying notes form an integral part of these Consolidated Financial Statements.</font></font></font></p>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">5</font></font></font></p></div></div>

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<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

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   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:15pt;">Consolidated Statement of Changes in Equity</font></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7pt;">Attributable to equity holders of the Company</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:7.5pt;">Year ended March 31, 2014</font></i></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Common shares</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Accumulated other</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Non-</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:7.5pt;">(amounts in millions of Canadian dollars,</font></i></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Number of</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Stated</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Contributed </font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">comprehensive</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Retained</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">controlling</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">Total</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:10.5pt;">
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font lang=EN-US style="font-size:7.5pt;">except number of shares)</font></i></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Notes</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">shares</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">value</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">surplus</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">income (Note 18)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">earnings</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">interests</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">equity</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Balances, beginning of year - restated</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">2</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">259,979,059&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">471.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">21.9&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">(12.0)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">633.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">1,114.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">31.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">1,146.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Net income</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">190.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">190.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">1.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">191.1&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Other comprehensive income (loss):</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=21% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Foreign currency translation</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">158.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">158.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">1.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">159.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=21% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Net changes in cash flow hedges</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">(17.0)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">(17.0)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">(17.0)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=25% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Net changes in available-for-sale financial instruments</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">0.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">0.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">0.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=25% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Defined benefit plan remeasurements</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">9.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">9.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">9.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Total comprehensive income</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">141.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">199.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">341.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">2.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">343.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Stock options exercised</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">24</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">2,387,556&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">22.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">22.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">22.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Optional cash purchase</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">1,410&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Transfer upon exercise of stock options</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">6.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">(6.1)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Share-based payments</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">24</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">3.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">3.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">3.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Additions to non-controlling interests</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">6.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">6.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Stock dividends</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">17</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">1,403,418&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">17.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">(17.5)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Cash dividends</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">17</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">(40.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">(40.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">(40.1)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">Balances, end of year</font></font></p></td>
 <td colspan=3 valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">263,771,443&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">517.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">19.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">129.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">775.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">1,441.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:7.5pt;">40.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:7.5pt;">1,482.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:6pt;">
  <td valign=bottom width=2% style="background:white;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=19% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:12pt;">
  <td valign=bottom width=2% style="background:white;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=19% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=16 valign=bottom width=54% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Attributable to equity holders of the Company</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:10.5pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Year ended March 31, 2013</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Common shares</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accumulated other</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:10.5pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions of Canadian dollars,</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Number of</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Stated</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contributed </font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">comprehensive</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Retained</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">controlling</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:10.5pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">except number of shares)</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Notes</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">shares</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">value</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">surplus</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">loss (Note 18)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">earnings</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">interests</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">equity</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Balances, beginning of year - restated </font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">258,266,295&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">454.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">19.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.0)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">563.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,031.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">20.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,051.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net income</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">137.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">137.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">140.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other comprehensive income (loss):</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=21% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign currency translation</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=21% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net changes in cash flow hedges</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.4)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.4)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.4)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=25% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Defined benefit plan remeasurements</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(18.9)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(18.9)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(18.9)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total comprehensive income</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.0)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">118.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">112.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">115.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Stock options exercised</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">24</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">482,250&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Optional cash purchase</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,683&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Transfer upon exercise of stock options</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.2)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Share-based payments</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">24</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.9&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Additions to non-controlling interests</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Stock dividends</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">17</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,228,831&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(12.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash dividends</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">17</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(37.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(37.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(37.1)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=23% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Balances, end of year - restated (Note 2)</font></font></p></td>
 <td colspan=3 valign=bottom width=13% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">259,979,059&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">471.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">21.9&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(12.0)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">633.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,114.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">31.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,146.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=25 valign=bottom width=95% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">The total retained earnings and accumulated other comprehensive income (loss) for the year ended March 31, 2014 was $904.6 million (2013 &#8211; $621.0 million).</font></font></p>

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">The accompanying notes form an integral part of these Consolidated Financial Statements.</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">6</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_8"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.75pt;">
 <tr style="height:16.5pt;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:16.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:15pt;">Consolidated Statement of Cash Flows</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=44% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=19% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Years ended March 31</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions of Canadian dollars)</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Notes</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=44% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Restated </font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Operating activities</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(Note 2)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net income</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">191.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">140.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustments to reconcile net income to cash flows from operating activities:</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Depreciation of property, plant and equipment</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">99.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">93.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Amortization of intangible and other assets</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">67.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">48.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Financing cost amortization</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">23</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">After tax share in profit of equity accounted investees</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(30.0)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(20.1)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Deferred income taxes</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">16</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">27.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">27.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Investment tax credits</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(15.6)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(22.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Share-based compensation</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">24</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">9.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.2)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Defined benefit pension plans</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(9.1)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Amortization of other non-current liabilities</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(25.8)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(15.4)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(11.8)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Changes in non-cash working capital </font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">25</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(28.8)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(84.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 width=50% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net cash provided by operating activities</font></b></font></p></td>
 <td width=6% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=24% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">276.0&nbsp;</font></b></font></p></td>
 <td width=3% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">154.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Investing activities</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Business combinations, net of cash and cash equivalents acquired </font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(3.8)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(285.3)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Capital expenditures for property, plant and equipment</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(157.4)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(96.7)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Proceeds from disposal of property, plant and equipment</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">15.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">9.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Capitalized development costs</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(48.1)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(49.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Enterprise resource planning (ERP) and other software</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(13.6)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(19.2)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net proceeds (payments) from equity accounted investees</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.4)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Dividends received from equity accounted investees</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">15.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(10.2)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 width=50% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net cash used in investing activities</font></b></font></p></td>
 <td width=6% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=24% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(198.5)</font></b></font></p></td>
 <td width=3% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(433.7)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Financing activities</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net change in restricted cash</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(18.1)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net effect of current financial assets program</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">30</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(37.1)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Proceeds from borrowing under revolving unsecured credit facilities</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">641.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">660.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Repayment of borrowing under revolving unsecured credit facilities</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(655.3)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(606.4)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Proceeds from long-term debt, net of transaction costs</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">67.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">697.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Repayment of long-term debt</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(38.0)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(360.4)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Repayment of finance lease</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12</font></font></p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(27.8)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(36.3)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Dividends paid</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(40.1)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(37.1)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Common stock issuance</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">22.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.5)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.3)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 width=50% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net cash (used in) provided by financing activities</font></b></font></p></td>
 <td width=6% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=24% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(48.6)</font></b></font></p></td>
 <td width=3% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">284.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Effect of foreign exchange rate changes on cash </font></b></font></p></td>
 <td width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td width=3% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">and cash equivalents</font></b></font></p></td>
 <td width=6% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=24% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">23.4&nbsp;</font></b></font></p></td>
 <td width=3% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net increase in cash and cash equivalents</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">52.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Cash and cash equivalents, beginning of period</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">260.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">254.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 width=50% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Cash and cash equivalents, end of period</font></b></font></p></td>
 <td width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=24% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">312.3&nbsp;</font></b></font></p></td>
 <td width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">260.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Supplemental information:</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Dividends received</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">15.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Interest paid</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">55.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">47.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Interest received</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">8.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=47% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Income taxes paid</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=24% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">22.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=arial,sans-serif><font style="font-size:7.5pt;">1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">22.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:5.25pt;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:5.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The accompanying notes form an integral part of these Consolidated Financial Statements.</font></font></p></td>
 </tr>
</table></div>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">7</font></font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_9"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 0pt;"><font color=windowtext face=Helvetica,sans-serif><font lang=EN-CA style="font-size:15pt;font-weight:normal;text-transform:none;">Notes to the Consolidated Financial Statements </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:7pt;">(Unless otherwise stated, all amounts are in millions of Canadian dollars)</font></i></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The consolidated financial statements were authorized for issue by the board of directors on May 15, 2014.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<h3 style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font style="font-size:10pt;text-transform:uppercase;">NOTE 1 &#8211; NATURE OF OPERATIONS AND summary of SIGNIFICANT ACCOUNTING POLICIES</font></b></font></h3>

<h4 style="margin:0in 0in 2pt;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font style="font-size:9.5pt;">Nature of operations&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></b></font></h4>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Inc. and its subsidiaries (or the Company) design, manufacture and supply simulation equipment services and develop integrated training solutions for the military, commercial airlines, business aircraft operators, aircraft manufacturers, healthcare education and service providers and the mining industry. CAE&#8217;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 range of flight training devices based on the same software used on its simulators. The Company also operates a global network of training centres in locations around the world.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company&#8217;s operations are managed through five segments:</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 3pt 0.25in;text-align:justify;text-indent:-0.25in;"><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(i)&nbsp;&nbsp;&nbsp; Training &amp; Services/Civil (TS/C) &#8211; Provides commercial, business and helicopter aviation training for flight, cabin, maintenance and ground personnel and ab initio pilot training and crew sourcing services;</font></font></p>

<p style="margin:0in 0in 3pt 0.25in;text-align:justify;text-indent:-0.25in;"><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(ii)&nbsp;&nbsp; Simulation Products/Civil (SP/C) &#8211; Designs, manufactures and supplies civil flight simulation training devices and visual systems; </font></font></p>

<p style="margin:0in 0in 3pt 0.25in;text-align:justify;text-indent:-0.25in;"><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(iii)&nbsp; Simulation Products/Military (SP/M) &#8211; Designs, manufactures and supplies advanced military training equipment and software tools for air forces, armies and navies;</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> &nbsp;</font></font></p>

<p style="margin:0in 0in 3pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(iv)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Training &amp; Services/Military (TS/M) &#8211; Supplies turnkey training services, simulation-based integrated enterprise solutions and maintenance and in-service support solutions;</font></font></p>

<p style="margin:0in 0in 0pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(v)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">New Core Markets (NCM) &#8211; Provides, designs and manufactures healthcare training services and devices and mining services and tools.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE is a limited liability company incorporated and domiciled in Canada. The address of the main office is 8585 C&#244;te-de-Liesse, Saint-Laurent, Qu&#233;bec, Canada, H4T 1G6. CAE shares are traded on the Toronto Stock Exchange and on the New York Stock Exchange.</font></font></p>

<h4 style="margin:0in 0in 0pt;page-break-after:auto;"><b>&nbsp;</b></h4>

<h4 style="margin:0in 0in 2pt;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font style="font-size:9.5pt;">Basis of preparation</font></b></font></h4>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The key accounting policies applied in the preparation of these consolidated financial statements are described below. These policies have been consistently applied to all years presented, unless otherwise stated. </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The consolidated financial statements have been prepared in accordance with Part I of the CPA Canada Handbook, referred to as IFRS, as issued by the International Accounting Standards Board (IASB). </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The consolidated financial statements have been prepared under the historical cost convention, except for the following items measured at fair value: contingent consideration, derivative financial instruments, financial instruments at fair value through profit and loss, available&#8209;for&#8209;sale financial assets and liabilities for cash-settled share-based arrangements.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;&nbsp;</font></font></p>

<h4 style="margin:0in 0in 2pt;page-break-after:auto;"><font face=Helvetica,sans-serif><font style="font-size:8.5pt;font-weight:normal;">The functional and presentation currency of CAE Inc. is the Canadian dollar.</font></font></h4>

<h4 style="margin:0in 0in 0pt;page-break-after:auto;"><b>&nbsp;</b></h4>

<h4 style="margin:0in 0in 2pt;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font style="font-size:9.5pt;">Basis of consolidation</font></b></font></h4>

<h4 style="margin:0in 0in 2pt;page-break-after:auto;"><font face=Helvetica,sans-serif><b><i><font style="font-size:9pt;">Subsidiaries</font></i></b></font></h4>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Subsidiaries are all entities over which the Company has control. Control exists when the Company is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through the power over the entity. Subsidiaries are fully consolidated from the date control is obtained and they are no longer consolidated on the date control ceases.</font></font></p>

<h5 style="margin:0in 0in 1pt;"><b>&nbsp;</b></h5>

<h5 style="margin:0in 0in 2pt;"><font face=helvetica,sans-serif><b><i><font style="font-size:9pt;">Joint arrangements</font></i></b></font></h5>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Joint arrangements are entities in which the Company exercises joint control as established by contracts requiring unanimous consent for decisions about the activities that significantly affect the arrangement&#8217;s returns. When the Company has the rights to the net assets of the arrangement, the arrangement is classified as a joint venture and is accounted for using the equity method. When the Company has rights to the assets and obligations for the liabilities relating to an arrangement, the arrangement is classified as a joint operation and the Company accounts for each of its assets, liabilities and transactions, including its share of those held or incurred jointly, in relation to the joint operation. The Company presently does not have any joint operations. </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the Company&#8217;s share of the profits or losses and movements in other comprehensive income (loss) (OCI) of the investee. When the Company&#8217;s share of losses in a joint venture equals or exceeds its interests in the joint ventures, the Company does not recognize further losses, unless it will incur obligations or make payments on behalf of the joint ventures. </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

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<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">8</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Notes to the Consolidated
Financial Statements</font></font><font>&nbsp;</font></p>


</div>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Unrealized
gains resulting from transactions with joint ventures are eliminated, to the
extent of the Company&#8217;s share in the joint venture. For sales of products or
services from the Company to its joint ventures, the elimination of unrealized
profits is considered in the carrying value of the investment in equity
accounted investees in the consolidated statement of financial position and in
the share in profit or loss of equity accounted investees in the consolidated
income statement.</font></font></p>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font style="font-size:8.5pt;">&nbsp;</font></b></font></h4>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font style="font-size:9.5pt;">Business combinations </font></b></font></h4>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Business combinations are
accounted for under the acquisition method. The consideration transferred for
the acquisition of a subsidiary is the fair value of the assets transferred,
the liabilities incurred and the equity interests issued by the Company, if
any, at the date control is obtained. The consideration transferred includes
the fair value of any liability resulting from a contingent consideration
arrangement. Acquisition-related costs, other than share and debt issue costs
incurred to issue financial instruments that form part of the consideration
transferred, are expensed as incurred. Identifiable assets acquired and
liabilities assumed in a business combination are measured initially at their
fair value at the acquisition date. If a business combination is achieved in
stages, the Company remeasures its previously held interest in the acquiree at
its acquisition-date fair value and recognizes the resulting gain or loss, if
any, in net income.&#160; </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Contingent consideration is
classified as a provision and is measured at fair value, with subsequent
changes recognized in income. If the contingent consideration is classified as
equity, it is not remeasured until it is finally settled within equity.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">New information obtained
during the measurement period, up to 12 months following the acquisition date,
about facts and circumstances existing at the acquisition date affect the
acquisition accounting.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font style="font-size:9.5pt;">Non-controlling interests</font></b></font></h4>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Non-controlling interests
(NCI) represent equity interests in subsidiaries owned by outside parties. The
share of net assets of subsidiaries attributable to non-controlling interests
is presented as a component of equity. Changes in the Company&#8217;s ownership
interest in subsidiaries that do not result in a loss of control are accounted
for as equity transactions.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company treats
transactions with non-controlling interests as transactions with equity owners
of the Company. For interests purchased from non-controlling interests, the
difference between any consideration paid and the relevant share acquired of
the carrying value of net assets of the subsidiary is recorded in equity. Gains
or losses on disposals of non-controlling interests are also recorded in
equity.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font style="font-size:9.5pt;">Financial instruments and hedging
relationships</font></b></font></h4>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><i><font style="font-size:9.0pt;">Financial
instruments</font></i></b></font></h4>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Financial assets and financial liabilities</font></i></font></h4>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">A financial instrument is
any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity. Financial assets and
financial liabilities, including derivatives, are recognized on the
consolidated statement of financial position when the Company becomes a party
to the contractual provisions of the financial instrument. On initial
recognition, all financial instruments are measured at fair value. When there
is a difference between the fair value of the consideration given or received
at initial recognition and the amount determined using a valuation technique,
such difference is recognized immediately in income unless it qualifies for
recognition as some other type of asset or liability.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Subsequent measurement of
the financial instruments is based on their classification as described below.
Financial assets can be classified into one of these categories: fair value
through profit and loss, held-to-maturity investments, loans and receivables or
available-for-sale. Financial liabilities can be classified into one of the
following categories: fair value through profit and loss or other financial
liabilities. The determination of the classification depends on the purpose for
which the financial instruments were acquired and their characteristics. Except
in very limited circumstances, the classification is not changed subsequent to the initial recognition.</font></font></p>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">&nbsp;</font></i></font></h5>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Financial instruments at fair value through profit and loss</font></i></font></h5>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Financial instruments classified at fair value through profit and
loss (FVTPL) are carried at fair value at each reporting date with the change
in fair value recorded in income. The FVTPL classification is applied when a
financial instrument:</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Is a derivative, including embedded derivatives accounted for
separately from the host contract, but excluding those derivatives designated
as effective hedging instruments;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Has been acquired or incurred principally for the purpose of selling
or repurchasing in the near future;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Is part of a portfolio of financial instruments that are managed
together and for which there is evidence of a recent actual pattern of
short-term profit-taking; or</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Has been irrevocably designated as such by the
Company (fair value option).</font></font></p>

<h5 style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><i><font style="font-size:8.5pt;font-weight:normal;">&nbsp;</font></i></font></h5>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Held-to-maturity investments, loans and receivables and
other financial liabilities</font></i></font></h5>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Financial
instruments classified as held-to-maturity investments, loans and receivables
and other financial liabilities are carried at amortized cost using the
effective interest method. Interest income or expense is included in income in
the period as incurred. </font></font></p>

<h5 style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:8.5pt;font-weight:normal;">&nbsp;</font></i></font></h5>




<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b>&nbsp;</b></h5>
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">9</font></font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p>


</div>
<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Available-for-sale</font></i></font></h5>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Available-for-sale
financial assets are non-derivative financial assets that are designated as
available-for-sale or that are not classified in any of the preceding
categories. Financial assets classified as available-for-sale are carried at
fair value at each reporting date. Unrealized gains and losses, including
changes in foreign exchange rates for non-monetary financial assets, are
recognized in OCI in the period in which the changes arise and are transferred
to income when the assets are derecognized or impairment occurs. Objective
evidence of impairment of an equity investment includes a significant or
prolonged decline in the fair value of the security below its cost. If a
reliable estimate of the fair value of an unquoted equity instrument cannot be
made, this instrument is measured at cost, less any impairment losses.
Dividends are recognized in income when the right of payment has been
established.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">As a result, the following classifications were
determined:</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(i)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Cash and cash equivalents, restricted cash and all
derivative instruments, except for derivatives designated as effective hedging
instruments, are classified as FVTPL;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(ii)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Accounts receivable, contracts in progress, non-current
receivables and advances are classified as loans and receivables, except for
those that the Company intends to sell immediately or in the near term which
are classified as FVTPL;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(iii)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Portfolio investments are classified as available-for-sale;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(iv)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Accounts payable and accrued liabilities and long-term
debt, including interest payable, as well as finance lease obligations and
royalty obligations are classified as other financial liabilities, all of which
are measured at amortized cost using the effective interest rate method.</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Transaction costs</font></i></font></h5>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Transaction costs that are
directly related to the acquisition or issuance of financial assets and
financial liabilities (other than those classified as FVTPL) are included in
the fair value initially recognized for those financial instruments. These
costs are amortized to income using the effective interest rate method.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Offsetting of financial assets and financial liabilities</font></i></font></h5>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Financial assets and
financial liabilities are offset and the net amount is presented in the
consolidated statement of financial position when the Company has a legally
enforceable right to set off the recognized amounts and intends to settle on a
net basis or to realize the assets and settle the liabilities simultaneously.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Impairment of financial assets carried at amortized cost</font></i></font></h5>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">At each reporting date, the
carrying amounts of the financial assets other than those to be measured at
FVTPL are assessed to determine whether there is objective evidence of
impairment. Impairment losses on financial assets carried at amortized cost are
reversed in subsequent periods if the amount of loss decreases and the decrease
can be related objectively to an event occurring after the impairment was
recognized. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Fair value hierarchy transfers</font></i></font></h5>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">For financial instruments that are recognized at fair
value on a recurring basis, the Company determines whether transfers have
occurred between levels in the fair value hierarchy. The assessment is based on
the lowest level input that is significant to the fair value measurement as a
whole at the end of each period.</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Embedded derivatives</font></i></font></h5>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Embedded derivatives are
recorded at fair value separately from the host contract when their economic
characteristics and risks are not clearly and closely related to those of the
host contract. The Company may enter into freestanding derivative instruments
which are not eligible for hedge accounting, to offset the foreign exchange
exposure of embedded foreign currency derivatives. In such circumstances, both
derivatives are carried at fair value at each statement of financial position
date with the change in fair value recorded in consolidated net income.</font></font></p>

<h5 style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">&nbsp;</font></i></b></font></h5>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><b><i><font style="font-size:9.0pt;">Hedge
accounting</font></i></b></font></h5>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Documentation</font></i></font></h5>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">At the inception of a hedge,
if the Company elects to use hedge accounting, the Company formally documents
the designation of the hedge, the risk management objectives and strategy, the
hedging relationship between the hedged item and hedging item and the method
for testing the effectiveness of the hedge, which must be reasonably assured
over the term of the hedging relationship and can be reliably measured. The
Company formally assesses, both at inception of the hedge relationship and on
an ongoing basis, whether the derivatives that are used in hedging transactions
are highly effective in offsetting changes in fair values or cash flows of
hedged items in relation to the hedged risk.</font></font></p>

<h5 style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:8.5pt;font-weight:normal;">&nbsp;</font></i></font></h5>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Method of accounting</font></i></font></h5>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The method of recognizing
fair value gains and losses depends on whether derivatives are at FVTPL or are
designated as hedging instruments, and, if the latter, the nature of the risks
being hedged. All gains and losses from changes in the fair value of
derivatives not designated as hedges are recognized in income. When derivatives
are designated as hedges, the Company classifies them either as: (a) hedges of
the change in fair value of recognized assets or liabilities or firm
commitments (fair value hedges); or (b) hedges of the variability in highly
probable future cash flows attributable to a recognized asset or liability, a
firm commitment or a forecasted transaction (cash flow hedges); or (c) hedges
of a net investment in a foreign operation.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>




<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b>&nbsp;</b></h5>
<div>


<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">10</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">2014</font></font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Notes to the Consolidated
Financial Statements</font></font><font>&nbsp;</font></p>


</div>
<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Fair value hedge</font></i></font></h5>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">For fair value hedges
outstanding, gains or losses arising from the measurement of derivative hedging
instruments at fair value are recorded in income and the carrying amount of the
hedged items are adjusted by gains and losses on the hedged item attributable
to the hedged risks which are recorded in income.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Cash flow hedge</font></i></font></h5>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The effective portion of
changes in the fair value of derivative instruments that are designated and
qualify as cash flow hedges is recognized in OCI, while the ineffective portion
is recognized immediately in income. Amounts accumulated in OCI are
reclassified to income in the period in which the hedged item affects income.
However, when the forecasted transactions that are hedged items result in
recognition of non-financial assets (for example, inventories or property,
plant and equipment), gains and losses previously recognized in OCI are
included in the initial carrying value of the related non-financial assets
acquired or liabilities incurred. The deferred amounts are ultimately
recognized in income as the related non-financial assets are derecognized or
amortized.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Hedge accounting is
discontinued prospectively when the hedging relationship no longer meets the
criteria for hedge accounting, when the designation is revoked, or when the
hedging instrument expires or is sold. Any cumulative gain or loss directly
recognized in OCI at that time remains in OCI until the hedged item is
eventually recognized in income. When it is probable that a hedged transaction
will not occur, the cumulative gain or loss that was recognized in OCI is
recognized immediately in income.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Hedge of net investments in foreign operations</font></i></font></h5>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company has designated
certain long-term debt as a hedge of CAE&#8217;s overall net investments in foreign
operations whose activities are denominated in a currency other than the
Company&#8217;s functional currency. The portion of gains or losses on the hedging
item that is determined to be an effective hedge is recognized in OCI and is
limited to the translation gain or loss on the net investment.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><b><i><font style="font-size:9.0pt;">Derecognition</font></i></b></font></h5>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Financial assets</font></i></font></h5>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">A financial asset (or, where
applicable a part of a financial asset or part of a group of similar financial
assets) is derecognized when: </font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The rights to receive cash flows from the asset have expired;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The Company has transferred its rights to receive cash flows from
the asset and either has transferred substantially all the risks and rewards of
the asset or has neither transferred nor retained substantially all the risks
and rewards of the asset, but has transferred control of the asset.</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><i><font style="font-size:9.0pt;font-weight:normal;">Financial liabilities</font></i></font></h5>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">A financial liability is
derecognized when the obligation under the liability is discharged, cancelled
or expires.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">When an existing financial
liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as a derecognition of the
original liability and the recognition of a new liability, and the difference
in the respective carrying amounts is recognized in income.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font style="font-size:9.5pt;">Foreign currency translation</font></b></font></h4>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><b><i><font style="font-size:9.0pt;">Foreign
operations </font></i></b></font></h5>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Assets and liabilities of
subsidiaries that have a functional currency other than the Canadian dollar are
translated from their functional currency to Canadian dollars at exchange rates
in effect at the reporting date. Revenue and expenses are translated at the
average exchange rates for the period. The resulting translation adjustments
are included in OCI. When designated as hedges on net investments in foreign
operations, translation gains or losses related to long term intercompany
account balances, which form part of the overall net investment in foreign
operations, and those arising from the translation of debt denominated in
foreign currencies, are also included in OCI. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<h5 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif><b><i><font style="font-size:9.0pt;">Transactions
and balances</font></i></b></font></h5>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Monetary assets and
liabilities denominated in foreign currencies are translated at the prevailing
exchange rate at the reporting date. Non-monetary assets and liabilities, and
revenue and expense items denominated in foreign currencies are translated into
the functional currency using the exchange rate prevailing at the dates of the
respective transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions are recognized in income, except when deferred
in OCI as qualifying cash flow hedges and qualifying net investment hedges. </font></font></p>

<h4 style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font style="font-size:8.5pt;">&nbsp;</font></b></font></h4>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font style="font-size:9.5pt;">Cash and cash equivalents</font></b></font></h4>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Cash and cash equivalents
consist of cash and highly-liquid investments with original terms to maturity
of 90 days or less at the date of purchase.</font></font></p>

<h4 style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><font style="font-size:8.5pt;font-weight:normal;">&nbsp;</font></font></h4>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font style="font-size:9.5pt;">Accounts receivable</font></b></font></h4>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Receivables are initially
recognized at fair value and are subsequently carried at amortized cost, net of
an allowance for doubtful accounts, based on expected recoverability. The
amount of the allowance is the difference between the asset&#8217;s carrying amount
and the present value of the estimated future cash flows, discounted at the
original effective interest rate. The loss is recognized in income. Subsequent
recoveries of amounts previously provided for or written-off are recognized in
income.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>





<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">11</font></font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p>


</div>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The
Company is involved in a program in which it sells undivided interests in
certain of its accounts receivable and contracts in progress: assets (current
financial assets program) to third parties for cash consideration for an amount
up to $150.0 million without recourse to the Company. The Company continues to
act as a collection agent. These transactions are accounted for when the
Company is considered to have surrendered control over the transferred accounts
receivable and contracts in progress: assets.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font style="font-size:9.5pt;">Inventories</font></b></font></h4>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Raw materials are valued at
the lower of average cost and net realizable value. Spare parts to be used in
the normal course of business are valued at the lower of cost, determined on a
specific identification basis, and net realizable value.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Work in progress is stated
at the lower of cost, determined on a specific identification basis, and net
realizable value. The cost of work in progress includes material, labour and an
allocation of manufacturing overhead, which is based on normal operating
capacity. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Net realizable value is the
estimated selling price in the ordinary course of business, less estimated
costs of completion and the estimated costs necessary to generate revenue. In
the case of raw materials and spare parts, the replacement cost is the best
measure of net realizable value.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font style="font-size:9.5pt;">Property, plant and equipment </font></b></font></h4>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Property, plant and
equipment are recorded at cost less any accumulated depreciation and any
accumulated net impairment losses. Costs include expenditures that are directly
attributable to the acquisition or manufacturing of the item. The cost of an
item of property, plant and equipment that is initially recognized includes,
when applicable, the initial present value estimate of the costs required to
dismantle and remove the asset and restore the site on which it is located at
the end of its useful life. Purchased software that is integral to the
functionality of the related equipment is capitalized as part of that
equipment. Subsequent costs, such as updates on training devices, are included
in the asset&#8217;s carrying amount or recognized as a separate asset only when it
is probable that future economic benefits will flow to the Company and the cost
of the item can be reliably measured; otherwise, they are expensed. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">A loss on disposal is
recognized in income when the carrying value of a replaced item is
derecognized, unless the item is transferred to inventories. If it is not
practicable to determine the carrying value, the cost of the replacement and
the accumulated depreciation calculated by reference to that cost will be used
to derecognize the replaced part. The costs of day-to-day servicing of
property, plant and equipment are recognized in income as incurred. Gains and
losses on disposal of property, plant and equipment are determined by comparing
the proceeds from disposal with its carrying amount, and are recognized net
within other gains and losses. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The different components of
property, plant and equipment are recognized separately when their useful lives
are materially different and such components are depreciated separately in
income. Leased assets are depreciated over the shorter of the lease term and
their useful lives. If it is reasonably certain that the Company will obtain
ownership by the end of the lease term, the leased asset is depreciated over
its useful life. Land is not depreciated. The estimated useful lives, residual
values and depreciation methods are as follows:</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.000000pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"> &nbsp;</p>
  </td>
 <td valign=bottom width=34% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"> &nbsp;</p>
  </td>
 <td valign=bottom width=30% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Method</font></font></p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"> &nbsp;</p>
  </td>
 <td valign=bottom width=25% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Rates/Years</font></font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=37% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Buildings and improvements</font></font></p>
  </td>
 <td valign=bottom width=30% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Declining
  balance/Straight-line</font></font></p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"> &nbsp;</p>
  </td>
 <td valign=bottom width=25% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2.5
  to 10%/3 to 20 years</font></font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=37% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Simulators</font></font></p>
  </td>
 <td valign=bottom width=30% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Straight-line
  (10% residual)</font></font></p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"> &nbsp;</p>
  </td>
 <td valign=bottom width=25% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Not
  exceeding 25 years</font></font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=37% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Machinery and equipment</font></font></p>
  </td>
 <td valign=bottom width=30% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Declining
  balance/Straight-line</font></font></p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"> &nbsp;</p>
  </td>
 <td valign=bottom width=25% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">20
  to 35%/2 to 10 years</font></font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=37% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Aircraft</font></font></p>
  </td>
 <td valign=bottom width=30% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Straight-line
  (15% residual)</font></font></p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"> &nbsp;</p>
  </td>
 <td valign=bottom width=25% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Not
  exceeding 12 years</font></font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=37% style="background:white;border-bottom:solid #777777 1.5pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Aircraft engines</font></font></p>
  </td>
 <td valign=bottom width=30% style="background:white;border-bottom:solid #777777 1.5pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Based
  on utilization</font></font></p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:solid #777777 1.5pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"> &nbsp;</p>
  </td>
 <td valign=bottom width=25% style="background:white;border-bottom:solid #777777 1.5pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Not
  exceeding 3,000 hours</font></font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"> &nbsp;</p>
  </td>
 <td valign=bottom width=34% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"> &nbsp;</p>
  </td>
 <td valign=bottom width=30% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"> &nbsp;</p>
  </td>
 <td valign=bottom width=25% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=5 valign=bottom width=100% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Depreciation methods,
  useful lives and residual values are reviewed and adjusted, if appropriate,
  on a prospective basis at each reporting date.</font></font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:12.0pt;">&nbsp;</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Leases</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company leases certain
property, plant and equipment from and to others. Leases in which substantially
all the risks and rewards of ownership are transferred are classified as
finance leases. All other leases are accounted for as operating leases.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:115%;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:9.0pt;">The Company as a lessor</font></i></b></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">With regards to finance
leases, the asset is derecognized at the commencement of the lease and a gain
(loss) is recognized in income. The net present value of the minimum lease
payments and any discounted unguaranteed residual value are recognized as non&#8209;current
receivables. Finance income is recognized over the term of the lease based on
the effective interest rate method. Income from operating leases is recognized
on a straight-line basis over the term of the corresponding lease.&#160; </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:115%;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:9.0pt;">The Company as a lessee</font></i></b></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Finance leases are capitalized
at the lease&#8217;s commencement at the lower of the fair value of the leased item
and the present value of the minimum lease payments. Any initial direct costs
of the lessee are added to the amount recognized as an asset. The corresponding
obligations are included in long-term debt. Finance expense is recognized over
the term of the lease based on the effective interest rate method. Payments
made under operating leases are charged to income on a straight-line basis over
the term of the lease.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>


<font face=helvetica,sans-serif style="line-height:115%;">&nbsp;</font>


<div>


<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">12</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">2014</font></font></p>


</div>
</div><hr align="center" noshade size=2 width="100%">

<div style="page-break-before:always;">&nbsp;</div>
&nbsp; <a name="page_14"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:115%;margin:0in 0in 2pt;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:9pt;">Sale and leaseback transactions</font></i></b></font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company engages in sales and leaseback transactions as part of the Company&#8217;s financing strategy to support investment in the civil and military training and services business. Where a sale and leaseback transaction results in a finance lease, any excess of sales proceeds over the carrying amount is deferred and amortized over the lease term. Where a sale and leaseback transaction results in an operating lease, and it is clear that the transaction is established at fair value, any profit or loss is recognized in income. If the sales price is below fair value, the shortfall is recognized in income immediately except if the loss is compensated for by future lease payments at below market price, it is deferred and amortized in proportion to the lease payments over the period the asset is expected to be used. If the sale price is above fair value, the excess over fair value is deferred and amortized over the period the asset is expected to be used.</font></font></p>

<p style="margin:0in 0in 2pt;page-break-after:auto;">&nbsp;</p>

<p style="margin:0in 0in 2pt;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Intangible assets </font></b></font></p>

<p style="line-height:115%;margin:0in 0in 2pt;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:9pt;">Goodwill</font></i></b></font></font></p>

<p style="line-height:115%;margin:0in 0in 0pt;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;font-style:normal;font-weight:normal;">Goodwill is measured at cost less accumulated impairment losses, if any.&nbsp; </font></font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Goodwill arises on the acquisition of subsidiaries. Goodwill represents the excess of the aggregate of the cost of an acquisition, including the Company&#8217;s best estimate of the fair value of contingent consideration and the acquisition-date fair value of any previous held equity interest in the acquiree, over the fair value of the net identifiable assets of the acquiree at the acquisition date.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:115%;margin:0in 0in 2pt;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:9pt;">Research and development (R&amp;D)</font></i></b></font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Research costs are expensed as incurred. Development costs are also charged to income in the period incurred unless they meet all the specific capitalization criteria established in IAS 38, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Intangible Assets</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">. Capitalized development costs are stated at cost and net of accumulated amortization and accumulated impairment losses, if any. Amortization of the capitalized development costs commences when the asset is available for use and is included in research and development expense.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:115%;margin:0in 0in 2pt;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:9pt;">Other intangible assets</font></i></b></font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Intangible assets acquired separately are measured at cost upon initial recognition. The cost of intangible assets acquired in a business combination is the fair value as at the acquisition date. Following initial recognition, intangible assets are carried at cost, net of accumulated amortization and accumulated impairment losses, if any.&nbsp; </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The cost of an internally generated intangible asset comprises all directly attributable costs necessary to create, produce, and prepare the asset to be capable of operating in the manner intended by management. </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Gains and losses on disposal of intangible assets are determined by comparing the proceeds from disposal with its carrying amount and are recognized within other gains and losses. </font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:15pt;">
  <td colspan=2 valign=bottom width=73% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:9pt;">Amortization</font></i></b></font></p></td>
 <td valign=bottom width=27% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Amortization is calculated using the straight-line method for all intangible assets over their estimated useful lives as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=70% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=70% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">Amortization period</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=70% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">(in years)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=73% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Capitalized development costs</font></font></p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">5 to 10</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=73% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Customer relationships</font></font></p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3 to 15</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=73% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">ERP and other software</font></font></p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3 to 10</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=73% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Technology</font></font></p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3 to 15</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=73% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Other intangible assets</font></font></p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2 to 40</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=70% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Amortization methods and useful lives are reviewed and adjusted, if appropriate, on a prospective basis at each reporting date.</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 2pt;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Impairment of non-financial assets</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The carrying amounts of the Company&#8217;s non-financial assets subject to amortization are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill and assets that are not yet available for use are tested for impairment annually or at any time if an indicator of impairment exists.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The recoverable amount of an asset or a cash-generating unit (CGU) is the greater of its value in use and its fair value less costs of disposal. The recoverable amount is determined for an individual asset; unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. In such case, the CGU that the asset belongs to is used to determine the recoverable amount.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">For the purposes of impairment testing, the goodwill acquired in a business combination is allocated to CGUs or groups of CGUs, which generally corresponds to its operating segments or one level below, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">13</font></font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>
<a name="page_15"></a><div style="padding-left:0%;padding-right:0%;width:100%;">

<div>


<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p>


</div>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">An
impairment loss is recognized if the carrying amount of an asset or CGU exceeds
its estimated recoverable amount. Where the recoverable amount of a CGU to
which goodwill has been allocated is lower than the CGU&#8217;s carrying amount, the
related goodwill is impaired. Any remaining amount of impairment exceeding the
impaired goodwill is recognized on a pro rata basis of the carrying amount of
each asset in the respective CGU. Impairment losses are recognized in income.&#160; </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company evaluates
impairment losses, other than goodwill impairment, for potential reversals at
each reporting date. An impairment loss is reversed if there is any indication
that the loss has decreased or no longer exists due to changes in the estimates
used to determine the recoverable amount. An impairment loss is reversed only
to the extent that the asset&#8217;s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortization, if
no impairment loss had been recognized. Such reversal is recognized in income.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Borrowing costs</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Borrowing costs that are
directly attributable to the acquisition or construction of a qualifying asset
are capitalized as part of the cost of the asset. A qualifying asset is one
that takes a substantial period of time to get ready for its intended use.
Capitalization of borrowing costs ceases when the asset is completed and ready
for its intended use. All other borrowing costs are recognized as finance
expense in income, as incurred.&#160; </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Other assets</font></b></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Restricted cash</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company is required to
hold a defined amount of cash as collateral under the terms of certain
subsidiaries&#8217; external bank financing, government-related sales contracts and
business combination arrangements.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Deferred financing costs</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Deferred financing costs
related to the revolving unsecured term credit facilities, when it is probable
that some or all of the facilities will be drawn down, and deferred financing costs
related to sale and leaseback agreements are included in other assets at cost
and are amortized on a straight-line basis over the term of the related
financing agreements.</font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">&#160;&nbsp;</font></b></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Accounts payable and accrued liabilities</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Accounts payable and accrued
liabilities are recognized initially at fair value and subsequently measured at
amortized cost using the effective interest method.</font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Provisions</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Provisions are recognized when
the Company has a present legal or constructive obligation as a result of past
events, it is probable that an outflow of resources will be required to settle
the obligation and the amount can be reliably estimated. Provisions are not
recognized for future operating losses. Provisions are measured at the present
value of the expenditures expected to be required to settle the obligation
using a pre-tax rate that reflects current market assessments of the time value
of money and the risks specific to the obligation. The increase in the
provision due to passage of time is recognized as a finance expense. When there
are a number of similar obligations, the likelihood that an outflow will be
required in settlement is determined by considering the class of obligations as
a whole. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Long-term debt</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Long-term debt is recognized
initially at fair value, net of transaction costs incurred. They are
subsequently stated at amortized cost. Any difference between the proceeds, net
of transaction costs, and the redemption value is recognized in income over the
period of borrowings using the effective interest method.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Fees paid on the establishment
of loan facilities are recognized as transaction costs of the loan to the
extent that it is probable that some or all of the facility will be drawn down.
In these cases, the fee is deferred until the drawdown occurs. To the extent
that there is no evidence that it is probable that some or all of the facility
will be drawn down, the fee is capitalized as a pre-payment for liquidity
services and amortized over the period of the facility to which it relates.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Share capital</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Common shares are classified
as equity. Incremental costs directly attributable to the issue of new shares
or options are shown in equity as a deduction, net of tax, from the proceeds.</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">&nbsp;</font></b></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Revenue recognition</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Revenue is measured at the
fair value of the consideration received or receivable. Revenue is recognized
when the amount can be reliably measured, when it is probable that future
economic benefits will flow to the Company and when specific criteria have been
met for each of the categories, as described below.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Multiple component arrangements</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company sometimes enters
into multiple component revenue arrangements, which may include a combination
of design, engineering and manufacturing of flight simulators and other
products, as well as the provision of training services, spare parts and
maintenance. When a single sales transaction requires the delivery of more than
one product or service (multiple components), the revenue recognition criteria
are applied to the separately identifiable components. A component is
considered separately identifiable if the
delivered item has value to the customer on a stand-alone basis and the fair
value associated with the product or service can be reliably measured.</font></font></p>


<div>


<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">14</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">2014</font></font></p>


</div>
</div><hr align="center" noshade size=2 width="100%">

<div style="page-break-before:always;">&nbsp;</div><a name="page_16"></a><div style="padding-left:0%;padding-right:0%;width:100%;">

<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Notes to the Consolidated
Financial Statements</font></font><font>&nbsp;</font></p>


</div>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The allocation of the revenue
from a multiple component arrangement is based on the fair value of each
element in relation to the fair value of the arrangement as a whole.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company's revenues can be
divided into two main accounting categories: construction contracts and sales
of goods and services.&nbsp; </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Construction contracts</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">A construction contract is a
contract specifically negotiated for the construction of an asset or of a group
of assets, which are interrelated in terms of their design,&nbsp;technology,
function, purpose or use.&nbsp;According to its characteristics, a construction
contract can be accounted for separately, be segmented into several components
which are each accounted for separately, or be combined with another
construction contract in order to form a single construction contract for
accounting purposes in respect of which revenues and expense will be
recognized.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Revenue from&nbsp;construction
contracts for the design, engineering and manufacturing of&nbsp;training
devices&nbsp;is recognized using the percentage-of-completion method when it is
probable that the economic benefits associated with the contract will flow to
the Company, the revenue, contract costs to complete and the stage of contract
completion at the end of the reporting period can be reliably measured and when
the contract costs can be clearly identified and reliably measured so that
actual contract costs incurred can be compared with prior estimates. The stage
of completion is measured by reference to the contract costs incurred up to the
end of the reporting period as a percentage of total estimated costs for each
contract. When the criteria to use the percentage&#8209;of&#8209;completion
method are not met, construction contract revenue is recognized to the extent
of the contract costs incurred that are likely to be recoverable.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Provisions for estimated
contract losses are recognized in the period in which the loss is determined.
Contract losses are measured at the amount by which the estimated total costs
exceed the estimated total revenue from the contract. Warranty provisions are
recorded when revenue is recognized based on past experience. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The cumulative amount of costs
incurred and profit recognized, reduced by losses and progress billing, is
determined on a contract&#8209;by&#8209;contract basis.&nbsp;If this amount is
positive it is classified in contracts in progress: assets.&nbsp;If this amount
is&nbsp;negative&nbsp;it is classified in contracts in progress: liabilities.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Post-delivery customer support
is billed separately, and revenue is recognized over the support period.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Sales of goods and services</font></i></b></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:9.0pt;font-weight:normal;">Software
arrangements&nbsp;</font></i></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Revenue from
off-the-shelf&nbsp;software&nbsp;sales&nbsp;is recognized when delivery has
occurred. Revenue from fixed-price software arrangements and software
customization contracts that require significant production, modification, or
customization of software&nbsp;is recognized using the percentage-of-completion
method.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;font-weight:normal;">&nbsp;</font></i></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:9.0pt;font-weight:normal;">Spare parts</font></i></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Revenue from the sale of spare
parts is primarily recognized upon shipment to the customer. Upon shipment, the
significant risks and rewards of ownership of the goods are transferred and the Company retains
neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold.&#160; </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:9.0pt;font-weight:normal;">Product
maintenance</font></i></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Revenue from maintenance
contracts is generally recognized on the basis of the percentage-of-completion
of the transaction.&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#160;&nbsp;</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:9.0pt;font-weight:normal;">Training
and consulting services</font></i></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Revenue from training and
consulting services is recognized as the services are rendered. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">For flight schools, cadet
training courses are offered mainly by way of ground school and live aircraft
flight. During the ground school phase, revenue is recognized in income on a
straight-line basis, while during the live aircraft flight phase, revenue is
recognized based on actual flight hours.</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">&nbsp;</font></i></b></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Other</font></i></b></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:9.0pt;">Sales
incentives to customers</font></i></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company may provide sales
incentives in the form of discounts and volume rebates, these incentives are
recorded as a reduction of revenues. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:9.0pt;">Non-monetary
transactions</font></i></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company may also enter
into sales arrangements where little or no monetary consideration is involved.
The non-monetary transactions are measured at the more reliable measure of the
fair value of the asset given up and fair value of the asset received.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:9.0pt;">Deferred
revenue</font></i></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Cash payments received or
advances currently due pursuant to contractual arrangements, with the exception
of those related to construction contracts, are recorded as deferred revenue
until all of the foregoing conditions of revenue recognition have been met.</font></font></p>


<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">15</font></font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p>


</div>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Employee benefits </font></b></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Defined benefit pension plans</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company maintains defined
benefit pension plans that provide benefits based on length of service and
final average earnings. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The defined benefit asset or
liability comprises the present value of the defined benefit obligation at the
reporting date less the fair value of plan assets out of which the obligations
are to be settled. The defined benefit obligations are actuarially determined
for each plan using the projected unit credit method. The present value of the
defined benefit obligation is determined by discounting the estimated future
cash flows using the interest rate of high-quality corporate bonds that are
denominated in the currency in which the benefit will be paid and that have
terms to maturity approximating the terms of the related pension obligation. In
countries where there is no deep market in such bonds, the market rates on
government bonds are used.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The value of any employee
benefit asset recognized is restricted to the present value of any economic
benefits available in the form of refunds from the plan or reductions in the
future contributions to the plan (asset ceiling test). Minimum funding
requirements may give rise to an additional liability to the extent that they
require paying contributions to cover an existing shortfall. Plan assets are
not available to the creditors of the Company nor can they be paid directly to
the Company. Fair value of plan assets is based on market price information. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company determines the net
interest expense (income) by applying the discount rate used to measure the
defined benefit obligation at the beginning of the period to the net defined
benefit asset or liability.&#160; </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Actuarial gains and losses
arising from experience adjustments, changes in actuarial assumptions and the
effect of any asset ceiling and minimum liability are recognized to OCI in the
period in which they arise. Past service costs are recognized as an expense as
incurred at the earlier of when the plan amendment or curtailment occurs and
when the entity recognizes related termination benefits. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Defined contribution pension
plans</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company also maintains
defined contribution plans for which the Company pays fixed contributions to
publicly or privately administered pension insurance plans on a mandatory,
contractual or voluntary basis. The Company has no legal or constructive
obligation to pay further amounts if the fund does not hold sufficient assets
to pay the benefits to all employees. Obligations for contributions to defined
contribution pension plans are recognized as an employee benefit expense in income
as the services are provided. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Termination benefits</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Termination benefits are
recognized as an expense when the Company is demonstrably committed, without
realistic possibility of withdrawal, to a formal detailed plan to either
terminate employment before the normal retirement date, or to provide
termination benefits as a result of an offer made to encourage voluntary
redundancy. Termination benefits for voluntary redundancies are recognized as
an expense, if the Company has made an offer of voluntary redundancy, based on
the number of employees expected to accept the offer. Benefits falling due more
than 12 months after the reporting date are discounted to their present value.</font></font></p>

<p style="line-height:115%;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Share-based payment transactions</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company&#8217;s five share-based
payment plans are segregated into two categories of plans: Employee Stock
Option Plan (ESOP), which is considered an equity-settled share-based payment
plan; and Employee Stock Purchase Plan (ESPP), Deferred Share Unit (DSU) plan,
Long-Term Incentive Deferred Share Unit (LTI-DSU) plan and Long-Term Incentive
Restricted Share Unit (LTI-RSU) plan, which are considered cash-settled
share-based payment plans.&#160;&#160; </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">For both categories, the fair
value of the employee services received in exchange is recognized as an expense
in income. Service and non-market performance conditions attached to the
transactions are not taken into account in determining fair value. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">For the
equity-settled plan, the cost of equity-settled transactions is measured at
fair value using the Black-Scholes option pricing model. The compensation
expense is measured at the grant date and recognized over the service period
with a corresponding increase to contributed surplus. The cumulative expenses
recognized for equity-settled transactions at each reporting date represents
the extent to which the vesting period has expired and management&#8217;s best
estimate of the number of equity instruments that will ultimately vest. For
options with graded vesting, each tranche is considered a separate grant with a
different vesting date and fair value, and each tranche is accounted for
separately. </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">When the options are
exercised, the Company issues new shares and the proceeds received net of any
directly attributable transaction costs are credited to share capital. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">For cash-settled plans, a
corresponding liability is recognized. The fair value of employee services
received is calculated by multiplying the number of units expected to vest with
the fair value of one unit as of grant date based on the market price of the
Company&#8217;s common shares. The fair value of the ESPP is a function of the
Company&#8217;s contributions. Until the liability is settled, the Company
re-measures the fair value of the liability at the end of each reporting period
and at the date of settlement, with any changes in fair value recognized in
income for the period. The Company has entered into equity swap agreements with
two major Canadian financial institutions in order to reduce its earnings
exposure related to the fluctuation in the Company&#8217;s share price relating to
the DSU and LTI-DSU programs.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">16</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">2014</font></font></p>


</div>
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Notes to the Consolidated
Financial Statements</font></font><font>&nbsp;</font></p>


</div>
<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Current and deferred income
tax </font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Income tax expense comprises
current and deferred tax. An income tax expense is recognized in income except
to the extent that it relates to items recognized in OCI or directly in equity,
in which case it is recognized in OCI or directly in equity, respectively.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Current tax is the amount
expected to be paid or recovered from taxation authorities on the taxable
income or loss for the year, using tax rates enacted or substantively enacted
at the reporting date in the countries where the Company and its subsidiaries
operate and generate taxable income, and any adjustment to tax payable or
receivable in respect of previous years. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Management periodically
evaluates positions taken in tax returns with respect to situations in which
applicable tax regulation is subject to interpretation. It establishes
provisions, where appropriate, on the basis of amounts expected to be paid to
the tax authorities.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Deferred tax is recognized
using the balance sheet liability method, providing for temporary differences
between the tax bases of assets or liabilities and their carrying amounts in
the consolidated financial statements. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Deferred income tax is
provided on temporary differences arising on investments in subsidiaries, and
jointly controlled entities, except where the timing of the reversal of the
temporary difference is controlled by the Company and it is probable that the
temporary difference will not reverse in the foreseeable future.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Deferred tax is measured on an
undiscounted basis at the tax rates that are expected to be applied to
temporary differences when they reverse, based on the laws that have been
enacted or substantively enacted by the reporting date.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Deferred tax assets are
recognized for all deductible temporary differences and carry forward of unused
tax losses. The recognition of deferred tax assets are limited to the amount
which is probable to be realized.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Deferred tax assets are
reviewed at each reporting date and are reduced to the extent that it is no
longer probable that a recognized deferred tax asset will be realized.
Unrecognized deferred tax assets are reassessed at each reporting date and are
recognized to the extent that it has become probable that an unrecognized deferred
tax asset will be realized.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Deferred tax assets and
liabilities are offset if there is a legally enforceable right to offset
current tax liabilities and assets, and they relate to income taxes levied by
the same tax authority on the same taxable entity, or on different taxable
entities which intend to settle current tax liabilities and assets on a net
basis or if their tax assets and liabilities will be realized simultaneously.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Taxes on income in the interim
periods are accrued by jurisdiction using the effective tax rate that would be
applicable to expected total annual profit or loss of the jurisdiction.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Investment tax credits</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Investment tax credits (ITCs)
arising from R&amp;D activities are deducted from the related costs and are
accordingly included in the determination of net income when there is
reasonable assurance that the credits will be realized. ITCs arising from the
acquisition or development of property, plant and equipment and capitalized
development costs are deducted from the cost of those assets with amortization
calculated on the net amount. Investment
tax credits expected to be recovered beyond 12 months are classified in Other
assets.</font></font></p>

<p style="line-height:115%;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Earnings per share</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Earnings per share is
calculated by dividing the net income for the period attributable to the common
shareholders of the Company by the weighted average number of common shares
outstanding during the period. The diluted weighted average number of common
shares outstanding is calculated by taking into account the dilution that would
occur if the securities or other agreements for the issuance of common shares
were exercised or converted into common shares at the later of the beginning of
the period or the issuance date unless it is anti-dilutive. The treasury stock
method is used to determine the dilutive effect of the stock options. The
treasury stock method is a method of recognizing the use of proceeds that could
be obtained upon the exercise of options in computing diluted earnings per
share. It assumes that any proceeds would be used to purchase common shares at
the average market price during the period. Only the Company&#8217;s stock options
have a dilutive potential on common shares.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Dividend distribution</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In the period in which the
dividends are approved by the Company&#8217;s Board of Directors, the dividend is
recognized as a liability in the Company&#8217;s consolidated financial statements. </font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">&nbsp;</font></b></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Government assistance</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Government contributions are
recognized when there is reasonable assurance that the contributions will be
received and all attached conditions will be complied with by the Company. Government
assistance related to the acquisition of intangible assets is recorded as a
reduction of the cost of the related asset while government assistance related
to current expenses is recorded as a reduction of the related expenses.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company benefits from
investment tax credits that are deemed to be equivalent to government
contributions.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>





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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">17</font></font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p>


</div>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Contributions are received for
Project New Core Markets from Investissement Qu&#233;bec (IQ) for costs incurred in
R&amp;D programs. Contributions were received in previous fiscal years for
Project Phoenix from Industry Canada under the Technology Partnerships Canada
(TPC) program and from IQ. </font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Project
New Core Markets and Project Phoenix require the Company to pay royalties. The
obligation to pay royalties, recognized as royalty obligations, is recorded
when the contribution is receivable and is estimated based on future
projections. The obligation is discounted using the prevailing market rates of
interest, at that time, for a similar instrument (similar as to currency, term,
type of interest rate, guarantees or other factors) with a similar credit
rating. The current portion is included as part of accrued liabilities. The
difference between government contributions and the discounted value of royalty
obligations is accounted for as a government assistance which is recognized as
a reduction of related expenses or as a reduction of the cost of the related
asset.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company recognizes the
Government of Canada&#8217;s participation in Project Falcon and Project Innovate as
interest-bearing long&#8209;term debt. The initial measurement of the
accounting liability is discounted using the prevailing market rates of
interest, at that time, for a similar instrument (similar as to currency, term,
type of interest rate, guarantees or other factors) with a similar credit
rating. The difference between the face value of the long-term obligation and
the discounted value of the long-term obligation is accounted for as a
government contribution which is recognized as a reduction of costs or as a
reduction of capitalized expenditures.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Use of judgements, estimates and assumptions</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The preparation of the
consolidated financial statements requires the Company&#8217;s management
(management) to make judgements, estimates and assumptions that affect the
application of accounting policies, the reported amounts of assets and
liabilities and disclosures at the date of the consolidated financial
statements, as well as the reported amounts of revenues and expenses for the
period reported. It also requires management to exercise its judgement in
applying the Company&#8217;s accounting policies. The areas involving a high degree
of judgement or complexity, or areas where assumptions and estimates are
significant to the consolidated financial statements are disclosed below.
Actual results could differ from those estimates. Changes will be reported in
the period in which they are identified.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Business combinations</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Business combinations are
accounted for in accordance with the acquisition method; thus, on the date that
control is obtained. The consideration transferred and the acquiree&#8217;s
identifiable assets, liabilities and contingent liabilities are measured at
their fair value. Depending on the complexity of determining these valuations,
the Company either consults with independent experts or develops the fair value
internally by using appropriate valuation techniques which are generally based
on a forecast of the total expected future net discounted cash flows. These
evaluations are linked closely to the assumptions made by management regarding
the future performance of the related assets and the discount rate. Contingent
consideration is measured at fair value using a discounted cash flow model
based on expected revenues.</font></font></p>

<p style="line-height:115%;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:9.0pt;">&nbsp;</font></i></b></font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Development costs</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Development costs are
recognized as intangible assets and are amortized over their useful lives when
they meet the criteria for capitalization. Forecasted revenue and profitability
for the relevant projects are used to assess compliance with the capitalization
criteria and to assess the recoverable amount of the assets.</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">&nbsp;</font></i></b></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Impairment of non-financial
assets</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company&#8217;s impairment test
for goodwill is based on internal estimates (level 3) of fair value less costs
of disposal calculations and uses valuation models such as the discounted cash
flows model. The cash flows are derived from the projections approved by
management for the next five years. Cash flow projections take into account
past experience and represent management&#8217;s best estimate about future
developments and form part of the Company&#8217;s strategic plan approved annually by
the Board of Directors. Cash flows after the five year period are extrapolated
using estimated growth rates. Key assumptions which management has based its
determination of fair value less costs of disposal include estimated growth
rates, post-tax discount rates and tax rates. The post-tax discount rates were
derived from the respective CGUs&#8217; representative weighted average cost of
capital which range from 7.5% to 14.0%. These estimates, including the
methodology used, can have a material impact on the respective values and
ultimately the amount of any goodwill impairment. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Likewise, whenever property,
plant and equipment and intangible assets are tested for impairment, the
determination of the assets&#8217; recoverable amount involves the use of estimates
by management and can have a material impact on the respective values and
ultimately the amount of any impairment.</font></font></p>

<p style="line-height:115%;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></i></b></font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Revenue recognition</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The percentage-of-completion
method requires the Company to estimate the work performed to date as a
proportion of the total work to be performed. Management conducts monthly
reviews of its estimated costs to complete, percentage-of-completion estimates
and revenues and margins recognized, on a contract-by-contract basis. The
impact of any revisions in cost and earnings estimates is reflected in the
period in which the need for a revision becomes known.</font></font></p>

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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">18</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">2014</font></font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Notes to the Consolidated
Financial Statements</font></font><font>&nbsp;</font></p>


</div>
<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Defined benefit pension plans</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The cost of defined benefit
pension plans and the present value of the employee benefits obligations are
determined using actuarial valuations. Actuarial valuations involve making
assumptions about discount rates, future salary increases, mortality rates and
future pension increases. All assumptions are reviewed at each reporting date.
Any changes in these assumptions will impact the carrying amount of the
employee benefits obligations and the cost of the defined benefit pension
plans. In determining the appropriated discount rate, management considers the
interest rates of high quality corporate bonds that are denominated in the
currency in which the benefits will be paid, and that have terms to maturity
approximating the terms of the related pension liability. The mortality rate is
based on publicly available mortality tables for the specific country. Future
salary increases and pension increases are based on expected future inflation
rates for the specific country.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Other key assumptions for
pension obligations are based, in part, on current market conditions. See Note
14 for further details regarding assumptions used.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></i></b></font></p>

<p style="line-height:115%;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:9.0pt;">Government
assistance repayments</font></i></b></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In determining the amount of
repayable government assistance, assumptions and estimates are made in relation
to discount rates, expected revenues and the expected timing of revenues.
Revenue projections take into account past experience and represent
management&#8217;s best estimate about the future. Revenues after a five-year period
are extrapolated using estimated growth rates, ranging from 5% to 9%, over the
period of repayments. The estimated repayments are discounted using average
rates ranging from 6% to 8.5% based on terms of similar financial instruments.
These estimates, along with the methodology used to derive the estimates, can
have a material impact on the respective values and ultimately any repayable
obligation in relation to government assistance. A 1% increase to the growth
rates would increase the royalty obligation at March 31, 2014 by approximately
$9.4 million (2013 &#8722; $10.2 million). </font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">&nbsp;</font></i></b></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Share-based payments</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company measures the cost
of cash and equity-settled transactions with employees by reference to the fair
value of the related instruments at the date at which they are granted.
Estimating fair value for share-based payments requires determining the most
appropriate valuation model for a grant, which is dependent on the terms and
conditions of the grant. This also requires making assumptions and determining
the most appropriate inputs to the valuation model including the expected life
of the option, volatility and dividend yield.</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">&nbsp;</font></i></b></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Income taxes</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company is subject to
income tax laws in numerous jurisdictions. Judgement is required in determining
the worldwide provision for income taxes. The determination of tax liabilities
and assets involves certain uncertainties in the interpretation of complex tax
regulations. The Company provides for potential tax liabilities based on the
weighted average probability of the possible outcomes. Differences between
actual results and those estimates could have an effect on the income tax
liabilities and deferred tax liabilities in the period in which such
determinations are made. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Deferred tax assets are
recognized to the extent that it is probable that taxable profit will be available
against the losses that can be utilised. Significant management judgement is
required to determine the amount of deferred tax assets that can be recognized,
based upon the likely timing and the level of future taxable profits together
with future tax planning strategies. The recorded amount of total deferred tax
assets could be altered if estimates of projected future taxable income and
benefits from available tax strategies are lowered, or if changes in current
tax regulations are enacted that impose restrictions on the timing or extent of
the Company&#8217;s ability to utilise future tax benefits.</font></font></p>








<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font color=#5F5F5F face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10.0pt;text-transform:uppercase;">NOTE 2 &#8211;
cHANGES IN ACCOUNTING POLICIES</font></b></font></p>

<p style="line-height:115%;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><font lang=X-NONE style="font-size:9.5pt;">New and amended standard</font></b></font></font><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">s</font></b></font></font><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><font lang=X-NONE style="font-size:9.5pt;">
adopted by the Company</font></b></font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Joint arrangements</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In May 2011, the IASB released
IFRS 11, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Joint Arrangements</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, which supersedes IAS 31, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Interests in
Joint Ventures</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, and SIC-13, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Jointly Controlled Entities &#8211; Non-monetary
Contributions by Venturers</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">. IFRS 11 focuses on the rights and obligations
of a joint arrangement, rather than its legal form as was previously the case
under IAS 31. The standard addresses inconsistencies in the reporting for joint
arrangements by requiring the equity method to account for interests in jointly
controlled entities. The Company previously accounted for its interests in joint
ventures using the proportionate consolidation method and now accounts for its
interests in joint ventures using the equity method. IFRS 11 was adopted
retrospectively effective April 1<sup>st</sup>, 2013 in accordance with the
transition rules of IFRS 11. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Under the equity method, the
Company&#8217;s share of net assets, net income and OCI of joint ventures will be
presented as one-line items on the statement of financial position, the
statement of income and the statement of comprehensive income, respectively. In
addition, the consolidated statement of cash flows includes the cash flows
between the Company and its joint ventures, and not the Company&#8217;s proportionate
share of the joint ventures&#8217; cash flows. The Company assessed that the
classification of its joint arrangements remains the same upon adoption of IFRS
11. When making this assessment, the Company considered the structure of the
arrangements, the legal form of any separate vehicles, the contractual terms of
the arrangements and other facts and circumstances.</font></font></p>





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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">19</font></font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p>


</div>
<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Employee benefits</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In June 2011, the
IASB amended IAS 19, </font></font><font face=Helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;">Employee Benefit</font></i></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">s</font></i></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">. IAS 19 was
amended to require the calculation of a net interest</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> that is calculated by applying the discount rate to</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> the net defined benefit liability or asset</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> and</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> to expand the disclosure requirements</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">.&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> As a result, </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">the Company</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> determine</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">d&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> a
net interest expense on the net defined benefit liability which </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">is&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> presented as part of the finance expense. </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The net interest on the defined benefit obligation
liability or asset replaces the interest cost on the defined benefit obligation
and the expected return on plan assets</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">.&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> The
amended IAS 19 was adopted retrospectively effective April&nbsp;1<sup>st</sup>,&nbsp;2013
in accordance with the transition rules of the amended IAS 19 and additional
disclosure is provided in Note 14.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Consolidation</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In May 2011, the IASB released
IFRS 10, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Consolidated Financial Statements</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, which replaces SIC-12, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Consolidation
&#8211; Special Purpose Entities</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, and parts of IAS 27, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Consolidated and
Separate Financial Statements</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">. The new standard builds on existing
principles by identifying the concept of control as the determining factor in
whether an entity should be included in a company&#8217;s consolidated financial
statements. IFRS 10 was adopted retrospectively effective April 1<sup>st</sup>,
2013 in accordance with the transition rules of IFRS 10. The Company assessed
that the adoption of IFRS 10 does not result in any change in the consolidation
status of its subsidiaries. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Disclosure of interests in other entities</font></i></b></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In
May 2011, the IASB released IFRS 12, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Disclosure of Interests in Other
Entities</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">. IFRS 12 requires disclosure for all forms of interests in other
entities, including joint arrangements, associates and unconsolidated
structured entities. The standard requires an entity to disclose information
regarding the nature and risks associated with its interests in other entities
and the effects of those interests in its financial position, financial
performance and cash flows. IFRS 12 was adopted effective April 1<sup>st</sup>,
2013 in accordance with the transition rules of IFRS 12. The new disclosure
pursuant to IFRS 12 is included in these annual consolidated financial
statements.</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">&nbsp;</font></i></b></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Fair value measurement</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In May 2011, the IASB released
IFRS 13, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Fair Value Measurement</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">. IFRS 13 defines fair value, sets out in
a single IFRS a framework for measuring fair value and requires disclosure
about fair value measurements. IFRS 13 applies when other IFRS standards
require or permit fair value measurements. It does not extend the use of fair
value accounting but provides guidance on how it should be applied when its use
is already required or permitted by other standards within IFRS. IFRS 13 was
adopted prospectively effective April 1<sup>st</sup>, 2013 in accordance with
the transitional rules of IFRS 13. Other than additional disclosure which is
included in Note&nbsp;29, the adoption of IFRS 13 has no significant impact on
the Company&#8217;s consolidated financial statements.</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">&nbsp;</font></i></b></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Financial statement presentation</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In June 2011, the IASB amended
IAS 1, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Financial Statement Presentation, </font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">to change the disclosure of
items presented in OCI, including a requirement to separate items presented in
OCI into two groups based on whether or not they may be recycled to net income
in the future. The amendments were adopted effective April 1<sup>st</sup>, 2013
in accordance with the transition rules of IAS 1. The new OCI requirements are
presented in the Company&#8217;s consolidated statement of comprehensive income.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Financial instrument disclosures</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In December 2011, the IASB
amended IFRS 7, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Financial Instrument: Disclosures,</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> on asset and liability
offsetting. The amendment requires additional disclosures illustrating the
effect or potential effect of netting arrangements associated with the
Company&#8217;s recognized financial assets and financial liabilities. The amendments
were adopted retrospectively effective April 1<sup>st</sup>, 2013 in accordance
with the transition rules of IFRS 7 and the additional disclosure is included
in Note 29.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Property, plant and equipment</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In the 2011 Annual
Improvements, the IASB amended IAS 16, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Property, Plant and Equipment, </font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">to
clarify when certain assets are property, plant and equipment or inventory.
This amendment clarifies that major spare parts and servicing equipment that
meet the definition of property, plant and equipment are not inventory. The
2011 annual improvement amendment removes the requirement for spare parts and
servicing equipment used only in connection with an item of property, plant and
equipment to be classified as property, plant and equipment. This annual
improvement was adopted retrospectively effective April 1<sup>st</sup>, 2013 in
accordance with the transition rules of IAS 16. The amendment of IAS 16 has no
impact on the Company&#8217;s consolidated financial statements.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9.0pt;">Impairment of non-financial assets</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In May 2013, the IASB amended
IAS 36, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Impairment of assets </font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">regarding disclosures for non-financial
assets. This amendment removed certain disclosures related to the recoverable
amount of CGUs which had been included in IAS 36 with the issue of IFRS 13. The
amendment is not mandatory until January 1<sup>st</sup>, 2014, however; the
Company has decided to adopt the amendment as of April&nbsp;1<sup>st</sup>,&nbsp;2013.
</font></font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">20</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.0pt;">2014</font></font></p>


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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The following tables summarize the adjustments to the Company&#8217;s consolidated statement of financial position as at April 1, 2012 and March 31, 2013, and its consolidated statements of income, comprehensive income and cash flows for the year ended March&nbsp;31,&nbsp;2013 as a result of those changes in accounting policies: </font></font></p>

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   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Summary reconciliation of financial position </font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=15% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IFRS 11</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IAS 19</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">March 31, 2013</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IFRS 11</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IAS 19</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">April 1, 2012</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td colspan=3 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">March 31, 2013</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Restated</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">April 1, 2012</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Restated</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Assets</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash and cash equivalents</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">293.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(33.2)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">260.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">287.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(32.6)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">254.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=4 valign=bottom width=24% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total current assets, excluding </font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">cash and cash equivalent</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,040.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,047.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">860.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">860.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Property, plant and equipment</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,498.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(355.8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,142.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,293.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(300.5)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">993.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Investment in equity</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">accounted investees</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">196.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">196.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">172.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">172.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other non-current assets</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1,046.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,044.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">741.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">5.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">747.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total assets</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3,878.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(187.4)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3,691.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3,183.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(154.8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3,028.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Liabilities and equity</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total current liabilities</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,002.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(96.4)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">906.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">883.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(57.6)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">825.8&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Provisions</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.4)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">7.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.5)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Long-term debt</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,097.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(94.2)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,002.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">685.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(97.2)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">588.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Royalty obligations</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">160.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">160.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">161.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">161.6&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Employee benefits obligations</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">136.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">136.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">114.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">114.3&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other non-current liabilities</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">339.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">331.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">290.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">281.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total liabilities</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2,744.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(199.3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,544.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2,141.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(164.1)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,977.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Equity</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Share capital</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">471.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">471.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">454.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">454.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contributed surplus</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">21.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">21.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">19.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">19.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accumulated other </font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">comprehensive loss</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(16.6)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">4.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(12.0)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(6.0)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Retained earnings</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">625.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">633.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">558.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">563.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity attributable to equity</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">holders of the Company</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,102.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,114.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,021.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">9.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,031.1&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-controlling interests</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">31.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">31.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">20.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">20.3&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total equity</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,134.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,146.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,042.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">9.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,051.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total liabilities and equity</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3,878.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(187.4)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3,691.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3,183.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(154.8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3,028.9&nbsp;</font></b></font></p></td>
 </tr>
</table></div>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">21</font></font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_23"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:15pt;">
  <td colspan=20 valign=bottom width=100% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Reconciliation of net income </font></b></font></p></td>
 </tr>
<tr style="height:15pt;">
  <td valign=bottom width=3% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=37% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Year ended March 31, 2013</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">As previously</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IFRS 11</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IAS 19</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions, except per share amounts)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">reported</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Restated</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Revenue</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2,104.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(69.3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,035.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cost of sales</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,482.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(31.8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.6)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,450.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Gross profit</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">621.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(37.5)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">584.8&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Research and development expenses</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">60.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.5)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">60.1&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Selling, general and administrative expenses</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">269.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(5.6)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">264.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other gains &#8211; net</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(23.4)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(22.4)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">After tax share in profit of equity accounted investees</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(20.1)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(20.1)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Restructuring, integration and acquisition costs</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">68.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.2)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">68.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Operating profit</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">245.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(12.1)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">234.0&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Finance income</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(7.3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.1)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(9.4)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Finance expense</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">75.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.1)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">74.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 width=43% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Finance expense &#8211; net</font></font></p></td>
 <td width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">68.2&nbsp;</font></font></p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.2)</font></font></p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">5.1&nbsp;</font></font></p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">65.1&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Earnings before income taxes</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">177.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.9)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.7)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">168.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Income tax expense</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">35.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(5.7)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.2)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">28.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net income</font></b></font></p></td>
 <td width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">142.4&nbsp;</font></font></p></td>
 <td width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.8&nbsp;</font></font></p></td>
 <td width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.5)</font></font></p></td>
 <td width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">140.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Attributable to:</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity holders of the Company </font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">139.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.5)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">137.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-controlling interests</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.0&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Earnings per share from continuing operations </font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">attributable to equity holders of the Company</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Basic and diluted</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.54&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.01)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.53&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Weighted average number of</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">shares outstanding (basic)</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">259.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">259.0&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Weighted average number of</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">shares outstanding (diluted)</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">259.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">259.4&nbsp;</font></b></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:505.5pt;">
 <tr style="height:11.25pt;">
  <td colspan=17 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Summary reconciliation of comprehensive income</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:17.25pt;">
  <td valign=bottom width=3% style="background:white;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=37% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=7 valign=bottom width=25% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Year ended March 31, 2013</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">As previously</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">IFRS 11</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IAS 19</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">reported</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Restated</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net income</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">142.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.5)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">140.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign currency translation </font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net changes in cash flow hedge</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.2)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(8.4)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Defined benefit plan actuarial losses</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(22.5)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(18.9)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=4 valign=bottom width=50% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other comprehensive loss</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(29.2)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(24.8)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=4 valign=bottom width=50% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total comprehensive income</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">113.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">115.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=4 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Attributable to:</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity holders of the Company</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">110.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">112.8&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=43% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-controlling interests</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.1&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=4 valign=bottom width=50% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">113.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">115.9&nbsp;</font></b></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:750pt;">
 <tr style="height:11.25pt;">
  <td colspan=18 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Summary reconciliation of statement of cash flows </font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=3% style="background:white;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Year ended March 31, 2013</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">As previously</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IFRS 11</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IAS 19</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=29% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">reported</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Restated</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash provided by operating activities</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">204.1&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(49.6)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">154.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash used in investing activities</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(504.9)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">71.2&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(433.7)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=29% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash provided by financing activities</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">306.7&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(22.2)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">284.5&nbsp;</font></b></font></p></td>
 </tr>
<tr>
  <td width=3%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=23%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=2%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">22</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_24"></a>

<div style="padding-left:0%;padding-right:0%;">

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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:115%;margin:0in 0in 2pt;page-break-after:auto;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><font lang=X-NONE style="font-size:9.5pt;">New and amended standard</font></b></font></font><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">s not yet</font></b></font></font><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><font lang=X-NONE style="font-size:9.5pt;"> adopted by the Company</font></b></font></font></p>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9pt;">Financial Instruments</font></i></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">October 2010</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, the IASB </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">released&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> I</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">FRS 9</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Financial Instruments</font></i></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">.&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> IFRS 9, which is the first part of a three-part project to replace IAS&nbsp;39, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Financial Instruments: recognition and measurement.</font></i></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> This first part addresses the classification and measurement of financial assets and financial liabilities. The IASB is considering making limited modifications to this part, which would include the introduction of a fair value through OCI category for debt instruments that would be based on a company&#8217;s business model. In November 2013, the IASB released the hedge accounting part, introducing a new hedge accounting model, together with associated disclosures about risk management activity. Impairment of financial assets, the third part of the project, is still under development. </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Replacing the multiple rules in IAS 39, the first part of IFRS 9 uses a new approach to determine whether a financial asset is measured at amortized cost or fair value and is based on how a company manages its financial instruments and the contractual cash flow characteristics of the financial assets. The majority of the requirements in IAS 39 for classification and measurement of financial liabilities were carried forward in IFRS 9; however, the portion of the changes in fair value related to the company&#8217;s own credit risk, in measuring a financial liability at FVTPL, will be presented in OCI rather than in the income statement. The new hedge accounting model represents a substantial overhaul of hedge accounting that will enable companies to better reflect their risk management activities in their financial statements.</font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The initial mandatory effective date of IFRS 9, set for annual periods beginning on or after January 1, 2015, has been removed by the IASB, and a new date will be determined closer to project completion, however, early application is permitted. The Company is currently evaluating the impact of the standard on its consolidated financial statements.</font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">In June 2013, the IASB amended IAS 39 to provide relief from discontinuing hedge accounting when novation of a derivative designated as a hedging instrument meets certain criteria. This amendment will be effective for Company&#8217;s fiscal year beginning on April 1, 2014. Similar relief will be included in IFRS 9.</font></font></p>

<p style="margin:0in 0in 2pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9pt;">Employee benefits</font></i></b></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">In November 2013, the IASB amended IAS 19, </font></font><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Employee benefits</font></i></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">. The amendment simplifies the accounting for contributions to defined benefit plans that are independent of the number of years of employee service, for example, employee contributions that are calculated according to a fixed percentage of salary. The amendment is effective for annual periods beginning on or after January&nbsp;1,&nbsp;2015, with earlier application permitted. The Company is currently evaluating the impact of the amendment on its consolidated financial statements. </font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 3 &#8211; BUSINESS COMBINATIONS</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">During the year, the Company paid $3.8 million for business combination transactions of which $0.8&nbsp;million was for the payment of contingent consideration of previous acquisitions, $2.9 million (&#8364;2.1 million) was for the balance of the purchase price for the May 2012 acquisition of Oxford Aviation Academy Luxembourg S.&#224; r.l.(OAA) and $0.1 million was to acquire the assets of RW&nbsp;Consulting and Training Services LTD (RWCTS), a provider of mining training and consulting services. The total consideration transferred for the RWCTS acquisition is $0.4&nbsp;million, including $0.3 million of contingent consideration. </font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 4 &#8211; ACCOUNTS RECEIVABLE</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Accounts receivable are carried on the consolidated statement of financial position net of allowance for doubtful accounts. This provision is established based on the Company&#8217;s best estimates regarding the ultimate recovery of balances for which collection is uncertain. Uncertainty of ultimate collection may become apparent from various indicators, such as a deterioration of the credit situation of a given client and delay in collection beyond the contractually agreed upon payment terms. Management regularly reviews accounts receivable, monitors past due balances and assesses the appropriateness of the allowance for doubtful accounts.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=10 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Details of accounts receivable are as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=61% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=64% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td colspan=3 valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Current trade receivables</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">178.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">144.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Past due trade receivables</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=61% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1-30 days</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">43.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">37.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=61% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">31-60 days</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">17.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=61% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">61-90 days</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">14.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=61% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Greater than 90 days</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">55.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">44.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=64% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Allowance for doubtful accounts</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(13.8)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.8)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total trade receivables</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">294.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">246.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accrued receivables</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">84.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">67.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Receivables from related parties (Note 33)</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">30.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">49.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=64% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other receivables</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">44.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">37.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=64% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total accounts receivable</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">453.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">401.4&nbsp;</font></font></p></td>
 </tr>
</table></div>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">23</font></font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_25"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:749pt;">
 <tr style="height:11.25pt;">
  <td colspan=10 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Changes in the allowance for doubtful accounts are as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=52% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Allowance for doubtful accounts, beginning of year</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(9.8)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(7.0)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Additions</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(5.6)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.8)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Amounts charged off</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Unused amounts reversed</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=52% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Exchange differences</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.0)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=52% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Allowance for doubtful accounts, end of year</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(13.8)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.8)</font></font></p></td>
 </tr>
<tr>
  <td width=52%>&nbsp;</td>
 <td width=20%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 5 &#8211; inventories</font></b></font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Work in progress</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">129.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">103.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Raw materials, supplies and manufactured products</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">89.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">73.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">219.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">176.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The amount of inventories recognized as cost of sales is as follows:</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Work in progress</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">79.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">64.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Raw materials, supplies and manufactured products</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">69.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">40.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">149.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">105.5&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Write-downs of inventories, net of reversals, in the amount of $0.4 million were made during fiscal 2014 (2013 &#8211; net reversal of $0.2&nbsp;million).</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 6 &#8211; Property, plant and equipment</font></b></font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Assets</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Buildings</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Machinery</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Aircraft and</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">under</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Assets</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">and</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">and</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">aircraft</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">finance</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">under</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Land</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">improvements</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Simulators</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">equipment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">engines</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">lease</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">construction</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#7f7f7f 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net book value at March 31, 2012</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">26.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">161.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">535.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">54.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">115.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">93.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">993.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Additions</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">17.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">62.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">96.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Acquisition of subsidiaries</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">91.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">32.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">151.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Acquisition of assets under</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">finance lease</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Disposals</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.0)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(5.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.3)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.5)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Depreciation</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(12.0)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(49.3)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(12.3)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.5)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(18.8)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(93.9)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Transfers and others</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.3)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">54.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.6)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.4)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(7.6)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(48.2)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.1)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Exchange differences</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.3)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.0)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.5)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.5)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net book value at March 31, 2013</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">26.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">176.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">637.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">47.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">16.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">129.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">109.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,142.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Additions</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">119.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">157.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Acquisition of assets under</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">finance lease</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">33.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">33.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Disposals</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.2)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.5)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.9)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.2)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.8)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Depreciation</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(14.6)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(51.0)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(15.3)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.2)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(16.4)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(99.5)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Impairment (Note 20)</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.6)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Transfers and others</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">72.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(78.5)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.5)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Exchange differences</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">77.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#595959 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">118.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=23% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net book value at March 31, 2014</font></b></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">192.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">739.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">52.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">16.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">157.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">156.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,341.2&nbsp;</font></b></font></p></td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">24</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_26"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:756pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Assets</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Buildings</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Machinery</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Aircraft and</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">under</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Assets</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=13% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">and</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">and</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">aircraft</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">finance</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">under</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Land</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">improvements</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Simulators</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">equipment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">engines</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">lease</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">construction</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=13% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cost</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">26.0&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">302.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">847.9&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">197.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">24.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">269.0&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">109.5&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,776.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accumulated depreciation</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(125.6)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(210.8)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(150.2)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.3)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(139.2)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(634.1)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net book value at March 31, 2013</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">26.0&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">176.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">637.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">47.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">16.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">129.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">109.5&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,142.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=13% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cost</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">26.5&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">336.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,013.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">224.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">23.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">261.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">156.1&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2,042.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=13% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accumulated depreciation</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(144.2)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(273.7)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(172.4)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.9)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(103.7)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(700.9)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net book value at March 31, 2014</font></b></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">192.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">739.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">52.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">16.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">157.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">156.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,341.2&nbsp;</font></b></font></p></td>
 </tr>
<tr>
  <td width=3%>&nbsp;</td>
 <td width=10%>&nbsp;</td>
 <td width=2%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=4%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=4%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=2%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">As at March 31</font></font><font face=arial,sans-serif><font lang=EN-US style="font-size:8.5pt;">, 2014</font></font><font color=black face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, the average remaining amortization period for full-flight simulators is 11.5 years (2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211;&nbsp;</font></font><font color=black face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> 12.0 years).</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">As at March 31</font></font><font face=arial,sans-serif><font lang=EN-US style="font-size:8.5pt;">, 2014</font></font><font color=black face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, bank borrowings are collateralized by property, plant and equipment for a value of $13.0 million <br>(2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211;&nbsp;</font></font><font color=black face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> $10.0&nbsp;million).</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">As at March 31, 2014, the net book value of simulators leased out to third parties is $23.4 million (2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211; </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">$22.3 million).</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:12.75pt;">
  <td colspan=9 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Assets under finance lease, with lease terms between 2 and 21 years, include simulators, buildings and machinery and equipment, as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Simulators</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cost</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">223.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">234.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accumulated depreciation</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(89.1)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(127.4)</font></font></p></td>
 </tr>
<tr style="height:12pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net book value</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">134.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">106.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Buildings </font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cost</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">37.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">34.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Accumulated depreciation</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(14.0)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(11.2)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net book value</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">23.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">23.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Machinery and equipment</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cost</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Accumulated depreciation</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.6)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Net book value</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total net book value</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">157.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">129.8&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 7 &#8211; intangible assets</font></b></font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Capitalized</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">ERP and</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=4 valign=bottom width=35% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Goodwill</font></font></p></td>
 <td colspan=3 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">development</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Customer</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">other</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">intangible</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(Note 20)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">costs</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">relationships</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">software</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Technology</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">assets</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net book value at March 31, 2012</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">298.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">71.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">56.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">57.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">27.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">17.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">527.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Additions &#8211; internal development</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">49.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">19.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">68.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Additions &#8211; acquired separately</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Acquisition of subsidiaries</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">149.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">63.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">17.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">233.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Amortization</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.9)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(12.5)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.4)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.9)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.2)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(37.9)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Transfers and others</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.6)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.9)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Exchange differences</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Net book value at March 31, 2013</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">452.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">104.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">116.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">65.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">24.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">31.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">794.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Additions &#8211; internal development</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">48.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">61.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Additions &#8211; acquired separately</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Acquisition of subsidiaries</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Amortization</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(12.2)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(14.5)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(12.8)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.0)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.5)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(47.0)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Transfers and others</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(7.9)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.4)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(10.0)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Exchange differences</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">50.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">68.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net book value at March 31, 2014</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">502.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">134.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">115.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">64.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">22.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">32.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">870.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:2.25pt;">
  <td valign=bottom width=3% style="background:white;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">25</font></font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_27"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Capitalized</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">ERP and</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">development</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Customer</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">other</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">intangible</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Goodwill</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">costs</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">relationships</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">software</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Technology</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">assets</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#7f7f7f 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cost</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">452.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">145.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">146.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">117.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">41.9&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">50.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">954.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Accumulated depreciation</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(41.2)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(30.8)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(52.1)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(17.2)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(18.5)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(159.8)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net book value at March 31, 2013</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">452.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">104.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">116.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">65.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">24.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">31.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">794.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cost</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">502.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">187.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">163.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">130.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">44.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">55.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,085.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Accumulated depreciation</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(53.8)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(48.8)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(66.1)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(22.3)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(23.5)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(214.5)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net book value at March 31, 2014</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">502.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">134.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">115.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">64.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">22.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">32.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">870.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:1.5pt;">
  <td valign=bottom width=3% style="background:white;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">For the year ended March 31, 2014, amortization of $34.8 million (2013 &#8211; $28.6 million) has been recorded in cost of sales, <br>$</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">10.6&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> million (2013 &#8211; $7.8 million) in research and development expenses, $1.6 million (2013 &#8211; $1.5 million) in selling, general and administrative expenses and nil (2013 &#8211; nil) was capitalized.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">As at March 31, 2014, the average remaining amortization period for the capitalized development costs is 5.5 years <br>(2013&nbsp;&#8211;&nbsp;5.0&nbsp;years).</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The categories of capitalized development costs and ERP and other software both primarily consist of internally generated intangible assets.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company has no indefinite life intangible assets other than goodwill.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 8 &#8211; Other assets</font></b></font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=67% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)<sup> </sup></font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=67% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Restricted cash<sup> </sup></font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">24.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=67% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Prepaid rent to a portfolio investment<sup> </sup></font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">78.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">77.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=67% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Investment in a portfolio investment<sup> </sup></font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=67% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Advances to a portfolio investment<sup> </sup></font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">50.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">33.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=67% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Deferred financing costs<sup>(1)</sup></font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=67% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-current receivables<sup> </sup></font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">87.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">80.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=67% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Investment tax credits<sup> </sup></font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">138.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=67% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other<sup>(1)</sup></font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">16.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">10.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=63% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">400.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">211.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:6pt;">
  <td valign=bottom width=2% style="background:white;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=63% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=10 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><sup><font color=black face=calibri,sans-serif><font style="font-size:7pt;">(1)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> The related amortization for deferred financing costs for the year amounted to $0.7 million (2013 &#8211; $0.8 million). The related amortization for other for the year</font></font></p></td>
 </tr>
<tr style="height:7.5pt;">
  <td valign=bottom width=2% style="background:white;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=top width=65% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">amounted to $0.4 million (2013 &#8211; $0.9 million).</font></font><sup><font color=black face=calibri,sans-serif><font style="font-size:11pt;"> </font></font></sup></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:12.75pt;">
  <td colspan=8 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:9.5pt;">Finance lease receivables </font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=8 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The present value of future minimum lease payment receivables, included in the current and non-current receivables is as follows:</font></font></p></td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=65% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=65% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=65% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Gross investment in finance lease contracts</font></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">97.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">65.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=65% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less: unearned finance income</font></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">40.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">25.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=65% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Less: discounted unguaranteed residual values of leased assets</font></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=65% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Present value of future minimum lease payment receivables</font></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">55.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">39.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:2.25pt;">
  <td valign=bottom width=65% style="background:white;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=13 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Future minimum lease payments from investments in finance lease contracts to be received are as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Present value of</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Present value of</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Gross</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">future minimum</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Gross</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">future minimum</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;border-bottom:#5a5a5a 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Investment</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">lease payments</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Investment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">lease payments</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">No later than 1 year</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.7&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Later than 1 year and no later than 5 years</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">17.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">7.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.5&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Later than 5 years</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">77.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">46.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">51.2&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">32.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">97.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">55.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">65.4&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">39.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:1.5pt;">
  <td valign=bottom width=47% style="background:white;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">26</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 9 &#8211; ACCOUNTs PAYABLE AND ACCRUED LIABILITIES</font></b></font></p>

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<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:749pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts payable trade</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">288.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">268.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accrued liabilities</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">255.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">234.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Amounts due to related parties (Note 33)</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">16.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">25.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Deferred revenue</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">117.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">101.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Current portion of royalty obligations</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">8.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">13.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">685.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">644.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:1.5pt;">
  <td valign=bottom width=62% style="background:white;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr>
  <td width=62%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 10 &#8211; contracts IN PROGRESS</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The amounts recognized in the consolidated statement of financial position correspond, for each construction contract, to the aggregate amount of costs incurred plus recognized profits (less recognized losses), less progress billings and amounts sold.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=72% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=72% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Contracts in progress: assets </font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">256.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">265.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=72% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contracts in progress: liabilities</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(167.4)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(122.3)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=72% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Contracts in progress: net assets </font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">89.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">143.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=72% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=72% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">These amounts correspond to:</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=69% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=72% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=72% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Aggregate amount of costs incurred plus recognized</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=69% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">profits (less recognized losses) to date</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3,128.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3,094.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=72% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less: progress billing</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3,035.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2,948.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=72% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Less: amounts sold</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=72% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contracts in progress: net assets </font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">89.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">143.3&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Advances received from customers on construction contracts related to work not yet commenced amounts to $31.7 million at <br></font></font><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">March 31,&nbsp;2014</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> (</font></font><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">2013 </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211; $1.6 million). </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Construction contracts revenue recognized in fiscal 2014 amounts to $763.4 million (</font></font><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">2013 </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211; $822.3 million).</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 11 &#8211; provisionS</font></b></font></p>

<p style="line-height:115%;margin:0in 0in 2pt;page-break-after:auto;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><font lang=X-NONE style="font-size:9.5pt;">Restoration and simulator removal </font></b></font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In certain situations, simulators are installed at locations that are not owned by the Company.&nbsp;In some of these cases, the Company has an obligation to dismantle and remove the simulators from these sites and to restore the location to its original condition.&nbsp;A provision is recognized for the present value of estimated costs to be incurred to dismantle and remove the simulators from these sites and restore the location.&nbsp;The provision also includes amounts relating to leased land and building where restoration costs are contractually required at the end of the lease. Where such costs arise as a result of capital expenditure on the leased asset, the restoration costs are also capitalized. </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Restructuring</font></b></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Restructuring costs consist mainly of severances and other related costs.</font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 2pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">Legal claims</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The amount represents a provision for certain legal claims brought against the Company.&nbsp;The corresponding charge is recognized in the consolidated income statement within selling, general and administrative expenses.&nbsp;Management&#8217;s best estimate is that the outcome of these legal claims will not give rise to any significant loss beyond the amounts provided at March 31, 2014.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Warranties</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">A provision is recognized for expected warranty claims on products sold in the last&nbsp;two years, based on past experience of the level of repairs and returns.&nbsp;It is expected that most of these costs will be incurred in the next financial year.&nbsp;Assumptions used to calculate the provision for warranties were based on current sales levels and current information available about returns based on the warranty period of products sold.</font></font></p>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">27</font></font></font></p></div></div>

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<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_29"></a>

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<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Changes in provisions are as follows:</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contingent </font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=35% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Restoration</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">consideration arising</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=35% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">and simulator</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Restructuring</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Legal</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">on business</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=29% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">removal</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(Note 22)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">claims</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Warranties</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">combinations</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">provisions</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total provisions, beginning of year</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">27.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">56.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Additions including increases</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">to existing provisions</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">9.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">19.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Amounts used</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(16.7)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(11.7)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(39.3)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Unused amounts reversed</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.4)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.1)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.4)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.4)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.1)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Changes in the </font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">discounted amount</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=29% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Exchange differences</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total provisions, end of year</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">13.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">8.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">35.0&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=29% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Less: current portion</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">13.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">8.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">28.6&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=29% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Long-term portion</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.4&nbsp;</font></b></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 12 &#8211; DEBT FACILITIES </font></b></font></p>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Long-term debt, net of transaction costs is as follows:</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:750pt;">
 <tr style="height:12pt;">
  <td colspan=2 valign=bottom width=65% style="background:white;border-bottom:#000000 1px solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)<sup> </sup></font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=65% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total recourse debt<sup> </sup></font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,130.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,067.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12pt;">
  <td colspan=2 valign=bottom width=65% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total non-recourse debt<sup> (1)</sup></font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">38.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12pt;">
  <td colspan=2 valign=bottom width=65% style="background:white;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total long-term debt<sup> </sup></font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,168.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,073.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=65% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less:<sup> </sup></font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=65% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Current portion of long-term debt<sup> </sup></font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">23.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">43.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=65% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Current portion of finance leases<sup> </sup></font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">26.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12pt;">
  <td colspan=2 valign=bottom width=65% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,117.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,002.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:6pt;">
  <td valign=bottom width=3% style="background:white;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=62% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=9 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(1)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Non-recourse debt is a debt in a subsidiary for which recourse is limited to the assets, equity, interest and undertaking of such subsidiary and not CAE Inc.</font></font></p></td>
 </tr>
<tr>
  <td width=3%>&nbsp;</td>
 <td width=62%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Details of the recourse debt are as follows:</font></font></p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;border-bottom:gray 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:gray 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:gray 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:gray 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:gray 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:gray 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:1.5pt;">
  <td valign=top width=5% style="background:white;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:29.25pt;">
  <td valign=top width=5% style="background:white;height:29.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(i)</font></font></p></td>
 <td valign=top width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:29.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Senior notes ($125.0 and US$225.0 maturing between December 2019 and December 2027), floating interest rates based on bankers&#8217; acceptances rate plus a spread on $50.0 million and interest rate ranging from 3.59% and 4.15% for remaining $75.0 and US$225.0</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:29.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:29.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:29.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">373.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:29.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:29.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">353.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:19.5pt;">
  <td valign=top width=5% style="background:white;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(ii)</font></font></p></td>
 <td valign=top width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Senior notes ($15.0 and US$45.0 maturing in June 2016 and US$60.0 maturing in June 2019), average blended rate of 7.15% payable semi-annually in June and December</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">128.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">119.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:19.5pt;">
  <td valign=top width=5% style="background:white;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(iii)</font></font></p></td>
 <td valign=top width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Senior notes (US$100.0 maturing in August 2021 and US$50.0 maturing in August 2026), average blended rate of 4.47% payable semi-annually in August and February</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">165.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">152.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=top width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(iv)</font></font></p></td>
 <td valign=top width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Revolving unsecured term credit facilities maturing in October 2018 (US$550.0)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">54.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">67.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:19.5pt;">
  <td valign=top width=5% style="background:white;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(v)</font></font></p></td>
 <td valign=top width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Obligations under finance lease commitments, with various maturities from May 2014 to October 2036, interest rates from 2.75% to 10.69% </font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">159.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">142.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:19.5pt;">
  <td valign=top width=5% style="background:white;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(vi)</font></font></p></td>
 <td valign=top width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Term loan maturing in June 2014 (outstanding as at March 31, 2014 &#8211; US$1.5 and &#163;0.7, as at March 31, 2013 &#8211; US$7.7 and &#163;3.2)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:19.5pt;">
  <td valign=top width=5% style="background:white;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Term loan maturing in June 2018 (outstanding as at March 31, 2014 &#8211; US$43.2 and &#163;8.5, as at March 31, 2013 &#8211; US$43.2 and &#163;8.5)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">61.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">55.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Combined coupon rate of post-swap debt of 7.98% (2013 &#8211; 6.92%)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=top width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(vii)</font></font></p></td>
 <td valign=top width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">R&amp;D obligation from a government agency maturing in July 2029</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">139.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">97.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=top width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(viii)</font></font></p></td>
 <td valign=top width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">R&amp;D obligation from a government agency maturing in July 2035</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:19.5pt;">
  <td valign=top width=5% style="background:white;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(ix)</font></font></p></td>
 <td valign=top width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Term loan maturing in January 2020 (outstanding as at March 31, 2014 &#8211; &#8364;3.6, as at March 31, 2013 &#8211; &#8364;4.4), floating interest rate of EURIBOR plus a spread</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:29.25pt;">
  <td valign=top width=5% style="background:white;height:29.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(x)</font></font></p></td>
 <td valign=top width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:29.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Credit facility maturing in January 2015 (outstanding as at March 31, 2014 &#8211; $1.4 and INR 294.2, as at March 31, 2013 &#8211; $2.2 and INR 349.2), bearing interest based on floating interest rates in India prevailing at the time of each drawdown</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:29.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:29.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:29.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:29.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:29.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:19.5pt;">
  <td valign=top width=5% style="background:white;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(xi)</font></font></p></td>
 <td valign=top width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Term loan, maturing in October 2022 (outstanding as at March 31, 2014 &#8211; US$13.7, as at March 31, 2013 &#8211; $US15.4), bearing interest at a fixed rate of 4.14%</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">15.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:19.5pt;">
  <td valign=top width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(xii)</font></font></p></td>
 <td valign=top width=66% style="background:white;border-bottom:#5a5a5a 1pt solid;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other debts, with various maturities from June 2014 to March 2024, average interest rate of approximately 2.53%</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">16.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">37.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:2.25pt;">
  <td valign=top width=5% style="background:white;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total recourse debt, net amount</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,130.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,067.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:2.25pt;">
  <td valign=bottom width=5% style="background:white;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">28</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_30"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0in;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0.35in;text-align:justify;text-indent:-0.35in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;letter-spacing:0.1pt;">(i)</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;letter-spacing:0.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;letter-spacing:0.1pt;">Represents unsecured senior notes for </font></font><font face=arialmt,sans-serif><font lang=EN-US style="font-size:8.5pt;">$125.0 million and US$225.0 million by way of a private placement. </font></font></p>

<p style="line-height:6pt;margin:0in 0pt 0pt 0in;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0.35in;text-align:justify;text-indent:-0.35in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;letter-spacing:0.1pt;">(ii)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;letter-spacing:0.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;letter-spacing:0.1pt;">Represents unsecured senior notes for $15.0 million and US$105.0 million by way of a private placement.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></p>

<p style="line-height:6pt;margin:0in 0pt 0pt 0in;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0.35in;text-align:justify;text-indent:-0.35in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(iii)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Represents unsecured senior notes for US$150.0 million by way of a private placement. </font></font></p>

<p style="line-height:6pt;margin:0in 0pt 0pt 0in;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0.35in;text-align:justify;text-indent:-0.35in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(iv)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Represents revolving unsecured term credit facilities with a maturity date of October 2018. The available facility amount is US$550.0 million with an option, subject to the lender&#8217;s consent, to increase to a total amount of up to US$850.0 million. The facility has covenants requiring a minimum fixed charge coverage and a maximum debt coverage. The applicable interest rate on this revolving term credit facility is at the option of the Company, based on the bank&#8217;s prime rate, bankers&#8217; acceptance rates or LIBOR plus a spread which depends on the credit rating assigned by Standard &amp; Poor&#8217;s Rating Services.</font></font></p>

<p style="line-height:6pt;margin:0in 0pt 0pt 0in;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0.35in;text-align:justify;text-indent:-0.35in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(v)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">These finance leases relate to the leasing of various buildings, simulators, machinery and equipment.</font></font></p>

<p style="margin:0in 0in 0in 0.5in;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 0.35in;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In September 2013 and October 2013, we entered into various finance leases, for the leasing of simulators located in the U.S. These transactions represent a total finance lease obligation of $34.2 million as at March&nbsp;31,&nbsp;2014.</font></font></p>

<p style="line-height:6pt;margin:0in 0pt 0pt 0in;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0.35in;text-align:justify;text-indent:-0.35in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(vi)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Represents senior financing for two civil aviation training centres. Tranche A is repaid in quarterly instalments of principal and interest while Tranche B begins quarterly amortization in July&nbsp;2014. </font></font></p>

<p style="line-height:6pt;margin:0in 0pt 0pt 0in;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0.35in;text-align:justify;text-indent:-0.35in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(vii)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Represents an interest-bearing long-term obligation with the Government of Canada relative to Project Falcon, an R&amp;D program that ended at the end of fiscal 2014, for a maximum amount of $250.0&nbsp;million. The aggregate amount recognized at the end of fiscal 2014 was $250.0&nbsp;million (2013 &#8211; $200.8 million) (see Note 1). The discounted value of the debt recognized amounted to $139.1 million as at March 31, 2014 (2013 &#8211; $97.5 million).</font></font></p>

<p style="margin:0in 0in 0in 0.5in;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0.35in;text-align:justify;text-indent:-0.35in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(viii)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In fiscal 2014, the Company entered into an interest-bearing long-term obligation with the Government of Canada relative to Project Innovate, an R&amp;D program extending over five and half years, for a maximum amount of $250.0&nbsp;million. The aggregate amount recognized in fiscal 2014 was 2.7 million. The discounted value of the debt recognized amounted to $1.3 million as at March 31, 2014.</font></font></p>

<p style="line-height:6pt;margin:0in 0pt 0pt 0in;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0.35in;text-align:justify;text-indent:-0.35in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(ix)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Represents a loan agreement of $5.3 million (&#8364;3.6 million) (2013 &#8211; $5.7 million (&#8364;4.4 million)) for the financing of one of the Company&#8217;s subsidiaries. </font></font></p>

<p style="line-height:6pt;margin:0in 0pt 0pt 0in;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0.35in;text-align:justify;text-indent:-0.35in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(x)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Represents the financing facility for certain of the Company&#8217;s operations in India. The financing facility is comprised of a term loan of up to $8.6 million (INR 470.0 million) and working capital facilities of up to an aggregate of $2.3 million <br>(INR 125.0 million). Drawdowns can be made in INR or any other major currencies acceptable to the lender. </font></font></p>

<p style="line-height:6pt;margin:0in 0pt 0pt 0in;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0.35in;text-align:justify;text-indent:-0.35in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(xi)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Represents a term loan maturing in October 2022 to finance simulators.</font></font></p>

<p style="line-height:6pt;margin:0in 0pt 0pt 0in;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0.35in;text-align:justify;text-indent:-0.35in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(xii)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Other debts include an unsecured facility for the financing of the cost of establishment of an ERP system. The facility is repayable with monthly repayments over a term of seven years beginning at the end of the first month following each quarterly disbursement. Other debts also include bonds for which US$11.0 million (2013 &#8211; US$30.8 million) of letters of credit have been issued to support the bonds for the outstanding amount of the loans. Combined interest rate for these bonds is 1.79% <br>(2013 &#8211; 2.15%).</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Details of the non-recourse debt are as follows:</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:gray 1pt solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
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<tr style="height:19.5pt;">
  <td valign=top width=5% style="background:white;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(i)</font></font></p></td>
 <td valign=top width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Term loan of &#163;12.7 collateralized, maturing in October 2016 (outstanding as at March 31, 2014 &#8211; &#163;1.1, as at March 31, 2013 &#8211; &#163;1.3), interest rate of LIBOR plus 1.05% </font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.9&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.1&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(ii)</font></font></p></td>
 <td valign=top width=66% style="background:white;border-bottom:#000000 1px solid;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Term loan of US$48.0 collateralized, maturing in March 2028 (outstanding as at March 31, 2014 &#8211; US$33.1, as at March 31, 2013 &#8211; US$4.0), interest rate of LIBOR plus 2.50%</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">36.3&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:19.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3.7&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Total non-recourse debt, net amount</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">38.2&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">5.8&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:6pt;margin:0in 0pt 0pt 0in;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></p>

<p style="margin:0in 0pt 0pt 0.35in;text-align:justify;text-indent:-0.35in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(i)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The credit facility to finance the Company&#8217;s MSH program for the MoD in the U.K., includes a term loan that is collateralized by the project assets of the subsidiary and a bi-annual repayment that is required until 2016. The Company has entered into an interest rate swap totalling &#163;0.9&nbsp;million as at March 31, 2014 (2013 &#8211; &#163;1.1&nbsp;million) fixing the interest rate at 6.31%. The book value of the assets pledged as collateral for the credit facility as at March&nbsp;31,&nbsp;2014 is &#163;85.2&nbsp;million (2013 &#8211; &#163;73.2&nbsp;million).</font></font></p>

<p style="margin:0in;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0.35in;text-align:justify;text-indent:-0.35in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(ii)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Represents collateralized non-recourse financing for a term loan to finance CAE Brunei Multi Purpose Training Centre Sdn Bhd (MPTC). MPTC may also avail an additional amount of up to US$12.0 million in the form of letters of credit. </font></font></p>

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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">29</font></font></font></p></div></div>

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<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

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   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Payments required in each of the next five fiscal years to meet the retirement provisions of the long-term debt and face values of finance leases are as follows:</font></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Long-term</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Finance</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">debt</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">leases</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2015&nbsp;</font></font></p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">24.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">26.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">51.3&nbsp;</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2016&nbsp;</font></font></p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">31.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">20.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">52.0&nbsp;</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2017&nbsp;</font></font></p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">98.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">111.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2018&nbsp;</font></font></p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">34.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">48.1&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2019&nbsp;</font></font></p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">75.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">87.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Thereafter</font></font></p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">749.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">73.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">822.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=51% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Total payments required</font></font></p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1,014.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">159.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,173.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Less: transaction costs</font></font></p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.7)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(4.7)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1,009.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">159.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,168.5&nbsp;</font></b></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:115%;margin:0in 0in 10pt;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">As at March 31, 2014, the Company is in compliance with all of its financial covenants. </font></font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:12.75pt;">
  <td colspan=9 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:9.5pt;">Finance lease commitments</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=9 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The present value of future finance lease commitments, included in debt facilities is as follows:</font></font></p></td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=64% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Future finance lease commitments</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">228.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">209.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less: Future finance charges on finance leases</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">61.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">59.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Less: Discounted guaranteed residual values of leased assets</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">7.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">7.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Present value of future minimum lease payments</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">159.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">142.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:9pt;">
  <td valign=bottom width=64% style="background:white;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=13 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Future minimum lease payments for finance lease commitments are as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=44% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Future</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Present value of</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Future</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Present value of</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=57% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">finance lease</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">future minimum</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">finance lease</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">future minimum</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=44% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">commitments</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">lease payments</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">commitments</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">lease payments</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">No later than 1 year</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">35.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">35.5&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">26.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Later than 1 year and no later than 5 years</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">85.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">59.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">77.8&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">54.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=44% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Later than 5 years</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">106.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">73.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">95.7&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">61.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=44% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">228.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">159.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">209.0&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">142.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:1.5pt;">
  <td valign=bottom width=44% style="background:white;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 13 &#8211; GOVERNMENT ASSISTANCE</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company has signed agreements with various governments whereby the latter share in the cost, based on expenditures incurred by the Company, of certain R&amp;D programs for modeling, simulation and training services expertise.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">During fiscal 2009, the Company announced Project Falcon, an R&amp;D program that extended over five years. The goal of Project Falcon was to expand the Company&#8217;s modeling and simulation technologies, develop new ones and increase its capabilities beyond training into other areas of the aerospace and defence market, such as analysis and operations. Concurrently, the Government of Canada agreed to participate in Project Falcon through a repayable investment of up to $250 million made through the Strategic Aerospace and Defence Initiative (SADI), which supports strategic industrial research and pre-competitive development projects in the aerospace, defence, space and security industries. As at March 31, 2014, Project Falcon was completed.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">During fiscal 2010, the Company announced Project New Core Markets, an R&amp;D program extending over seven years. The aim is to leverage the Company&#8217;s modeling, simulation and training services expertise into the healthcare and mining markets. The Qu&#233;bec government, through Investissement Qu&#233;bec, agreed to participate up to $100 million in contributions related to costs incurred before the end of fiscal 2016.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">During fiscal 2014, the Company announced Project Innovate, an R&amp;D program extending over five and a half years. The goal of Project Innovate is to expand the Company&#8217;s modeling and simulation technologies, develop new ones and continue to differentiate its service offering. Concurrently, the Government of Canada agreed to participate in Project Innovate through a repayable investment of up to $250 million made through the SADI.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">See Notes 1 and 12 for explanations of the royalty obligations and debt.</font></font></p>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">30</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_32"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The following table provides aggregate information regarding contributions recognized and amounts not yet received for the projects Falcon, New Core Markets and Innovate:</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Outstanding contribution receivable, beginning of year</font></font></p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contributions</font></font></p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">19.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">29.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Payments received</font></font></p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(20.1)</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(31.9)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Outstanding contribution receivable, end of year</font></font></p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.8&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:12.75pt;">
  <td colspan=8 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:9.5pt;">Aggregate information about programs</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;">
  <td colspan=8 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The aggregate contributions recognized for all programs are as follows:</font></font></p></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=3% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=70% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=73% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=73% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Contributions credited to capitalized expenditures:</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=70% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Project Falcon</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=70% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Project New Core Markets</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=70% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Project Innovate</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=73% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contributions credited to income:</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=70% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Project Falcon</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">10.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">17.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=70% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Project New Core Markets</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=70% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Project Innovate</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=73% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total contributions:</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=70% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Project Falcon</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">13.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">24.0&nbsp;</font></font></p></td>
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  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Project New Core Markets</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.9&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.4&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Project Innovate</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.4&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=70% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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  <td colspan=8 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">There are no unfulfilled conditions or unfulfilled contingencies attached to these government contributions.</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 14 &#8211; employee benefits OBLIGATIONS</font></b></font></p>

<p style="line-height:115%;margin:0in 0in 2pt;page-break-after:auto;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><font lang=X-NONE style="font-size:9.5pt;">Defined benefit plans</font></b></font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company has two registered funded defined benefit pension plans in Canada (one for employees and one for designated executives) that provide benefits based on length of service and final average earnings. The Company also maintains funded pension plans for employees in the Netherlands, United Kingdom and Norway that provide benefits based on similar provisions.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company, as required by pension legislation, hires independent firms to conduct actuarial valuations. The Company&#8217;s annual contributions, to fund both benefits accruing in the year and deficits accumulated over prior years, and the plans&#8217; financial position are determined based on the actuarial valuations. Applicable pension legislations prescribe minimum funding requirements.&nbsp; </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In addition, the Company maintains unfunded plans in Canada, Germany and Norway that provide defined benefits based on length of service and final average earnings. These unfunded plans are the sole obligation of the Company, and there is no requirement to fund them. However, the Company is obligated to pay the benefits when they become due. As at March&nbsp;31,&nbsp;2014, the unfunded defined benefits pension obligations are $66.0 million (2013&nbsp;&#8211;&nbsp;$59.7&nbsp;million) and the Company has issued letters of credit totalling $53.0&nbsp;million (2013&nbsp;&#8211;&nbsp;$54.3&nbsp;million) to collateralize these obligations under the Canadian plan.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The funded plans are trustee administered funds. Plan assets held in trusts are governed by local regulations and practices in each country, as is the nature of the relationship between the Company and the trustees and their composition. Responsibility for governance of the plans, including investment decisions and contribution schedules, lies jointly with the Company and the board of trustees.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In fiscal 2014, the Company temporarily amended its early retirement provision, as a result, a past service cost of $1.0 million was recognized in the income statement. In fiscal 2013, in accordance with a restructuring plan, the Company reduced its workforce and consequently recognized a curtailment gain of $2.1 million and a settlement loss of $1.3 million.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In fiscal 2013, in the acquisition of OAA, the Company assumed two pension plans resulting in additional pension obligations of $2.3&nbsp;million and additional plan assets of $1.7 million.</font></font></p>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">31</font></font></font></p></div></div>

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<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:512.25pt;">
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   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The employee benefits obligations are as follows:</font></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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  <td valign=bottom width=62% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Funded defined benefits pension obligations</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">406.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">377.7&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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<tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Fair value of plan assets</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">357.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">301.3&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Funded defined benefits pension obligations &#8211; net</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">49.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">76.4&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Unfunded defined benefits pension obligations</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">66.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">59.7&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=62% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Employee benefits obligations</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">115.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">136.1&nbsp;</font></font></p></td>
 <td valign=top width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:5.25pt;">
  <td valign=bottom width=62% style="background:white;height:5.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:5.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:5.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:5.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:5.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:5.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:5.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:5.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:5.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:5.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:15pt;">
  <td colspan=20 valign=bottom width=100% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The changes in the funded defined benefits pension obligations and the fair value of plan assets are as follows:</font></font></p></td>
 </tr>
<tr style="height:12pt;">
  <td valign=bottom width=3% style="background:white;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Canadian</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Foreign</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canadian</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Pension obligations, beginning of year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">330.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">46.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">377.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">279.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">41.0&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">320.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Current service cost</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">17.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">19.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Interest cost</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">14.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">15.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Past service cost and settlements</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(5.1)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(5.1)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Actuarial loss (gain) arising from:</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Experience adjustments</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.1)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">9.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.7)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Economic assumptions</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(24.1)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(23.6)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">28.0&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">30.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Demographic assumptions</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">13.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">14.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.4)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.4)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Employee contributions</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Pension benefits paid</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(14.2)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.0)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(15.2)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(11.1)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.6)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(11.7)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Business combination</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Exchange differences</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.8)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.8)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Pension obligations, end of year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">349.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">57.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">406.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">330.9&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">46.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">377.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Fair value of plan assets, beginning of year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">259.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">42.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">301.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">228.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">34.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">263.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Interest income</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">11.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">13.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Return on plan assets, excluding amounts</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">included in interest income</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">14.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(2.0)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">12.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">9.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Employer contributions</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">32.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">35.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">22.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">24.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Employee contributions</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Pension benefits paid</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(14.2)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.0)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(15.2)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(11.1)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.6)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(11.7)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Settlements</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.3)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.3)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Business combination</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Administrative costs</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.8)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.2)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.0)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.6)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Exchange differences</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.8)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.8)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Fair value of plan assets, end of year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">308.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">49.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">357.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">259.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">42.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">301.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=20 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The actual return on plan assets was $25.5 million in fiscal 2014 (2013 &#8211; $25.2 million).</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=20 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The changes in the unfunded defined benefits pension obligations are as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Canadian</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Foreign</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canadian</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Pension obligations, beginning of year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">49.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">10.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">59.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">47.9&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">9.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">57.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Current service cost</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Interest cost</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Past service cost</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Actuarial loss (gain) arising from:</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Experience adjustments</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.1)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.5)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.5)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(5.0)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Economic assumptions</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.9)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.4)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.0&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Demographic assumptions</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Pension benefits paid</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(2.6)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.6)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(3.2)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.5)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.5)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.0)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Exchange differences</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.2)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.2)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Pension obligations, end of year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">53.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">12.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">66.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">49.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">59.7&nbsp;</font></font></p></td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">32</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_34"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=20 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The net pension cost is as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Years ended March 31</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Canadian</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Foreign</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Canadian</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Funded plans</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Current service cost</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">17.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">19.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Interest cost</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">14.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">15.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Interest income</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(11.5)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.6)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(13.1)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(11.3)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.3)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(12.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Past service cost and settlements</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.8)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.8)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Administrative cost</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net pension cost</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">22.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">24.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.0&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">17.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Unfunded plans</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Current service cost</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Interest cost</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Past service cost</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net pension cost</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total net pension cost</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">29.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">20.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">23.1&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">For the year ended March 31, 2014, pension costs of $10.8 million (2013 &#8211; $7.3 million) have been charged in cost of sales, $2.8&nbsp;million (2013 &#8211; $2.0 million) in research and development expenses, $8.1 million (2013 &#8211; $8.0 million) in selling, general and administrative expenses, $5.2 million (2013 &#8211; $5.1 million) in finance expenses and $2.4 million (2013 &#8211; $1.5 million) were capitalized. In fiscal 2014, the curtailment and settlement gain of $0.2 million (2013 &#8211; $0.8 million) has been included in restructuring, integration and acquisition costs.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">As at March 31, 2014, the total cumulative amount of net actuarial losses before income taxes recognized in OCI was $68.9 million (2013 &#8211; $82.3 million). </font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:502.5pt;">
 <tr style="height:11.25pt;">
  <td colspan=20 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The major categories of assets which constitute the fair value of plan assets are as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=8 valign=bottom width=31% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=8 valign=bottom width=28% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Quoted</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Unquoted</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Quoted</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Unquoted</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canadian plans</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity funds</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canadian</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">96.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">96.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">76.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">76.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">90.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">90.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">86.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">86.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Bond funds</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Government</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">91.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">91.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">71.0&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">71.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Corporate</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">22.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">22.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash and cash equivalents</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total Canadian plans</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">308.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">308.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">259.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">259.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign plans</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity instruments</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">13.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">13.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Debt instruments</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Government</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Corporate</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">31.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">31.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">26.9&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">26.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Property</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash and cash equivalents</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Total Foreign plans</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">46.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">49.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">39.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2.9&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">42.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 width=30% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Total plans</font></font></p></td>
 <td width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">46.1&nbsp;</font></b></font></p></td>
 <td width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">311.3&nbsp;</font></b></font></p></td>
 <td width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">357.4&nbsp;</font></b></font></p></td>
 <td width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">39.2&nbsp;</font></font></p></td>
 <td width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">262.1&nbsp;</font></font></p></td>
 <td width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">301.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12pt;">
  <td colspan=20 valign=bottom width=100% style="background:white;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">As at March 31, 2014 and March 31, 2013, there were no ordinary shares of the Company in the pension plan assets.</font></font></p></td>
 </tr>
</table></div>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">33</font></font></font></p></div></div>

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<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

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   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Significant assumptions (weighted average):</font></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=19% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canadian </font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=52% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Pension obligations as at March 31:</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Discount rate</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.50%</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.25%</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.47%</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.53%</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Compensation rate increases</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.50%</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.50%</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.03%</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.98%</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net pension cost for years ended March 31:</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Discount rate</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.25%</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.75%</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.53%</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.05%</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Compensation rate increases</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.50%</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.50%</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.98%</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.01%</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and mortality tables and experience in each territory. The mortality tables and the average life expectancy in years for a member age 45 and 65 are as follows:</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=14% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">As at March 31, 2014</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=11 valign=bottom width=57% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(in years)</font></i></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=10 valign=bottom width=56% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Life expectancy over 65 for a member</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Country</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Mortality table</font></font></p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Male at age 45</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Male at age 65</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Female at age 45</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Female at age 65</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CPM private tables (employees)</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">25.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">23.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">25.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CPM private tables (designated executives)</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">25.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">27.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.1&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Netherlands</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">AG2012-2062</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">23.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">21.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">24.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">23.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Germany</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Heubeck RT2005G</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">21.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">18.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">25.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">22.8&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Norway</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">K2013</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">21.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">20.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">25.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">23.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United Kingdom</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">S1PA</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">24.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">22.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">24.7&nbsp;</font></b></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=14% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">As at March 31, 2013</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(in years)</font></i></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=10 valign=bottom width=56% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Life expectancy over 65 for a member</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Country</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Mortality table</font></font></p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Male at age 45</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Male at age 65</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Female at age 45</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Female at age 65</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">UP94</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">21.3&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">19.8&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">22.9&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">22.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Netherlands</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">AG2012-2062</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">23.3&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">21.5&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">24.4&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">23.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Germany</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Heubeck RT2005G</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">21.3&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">18.6&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">25.2&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">22.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Norway</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">K2005</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">19.3&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">19.3&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">21.8&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">21.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United Kingdom</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">S1PA</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">24.3&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">22.0&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">27.0&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">24.6&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:12pt;">
  <td colspan=17 valign=bottom width=99% style="background:white;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The weighted average duration of the defined benefit obligation is 18.1 years.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:12pt;">
  <td valign=bottom width=3% style="background:white;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=37% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=18 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The following table summarizes the impact on the defined benefit obligation as a result of a 0.25% change in the significant assumptions as at March 31, 2014:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=18 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=37% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=37% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=25% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Funded plans</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=21% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Unfunded plans</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=40% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Canadian</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Canadian</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=40% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Discount rate:</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=37% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Increase</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(15.4)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(2.5)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.8)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.4)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(20.1)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=37% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Decrease</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">16.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">21.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=40% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Compensation rate:</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=37% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Increase</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.3&nbsp;</font></b></font></p></td>
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<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=37% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Decrease</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(5.5)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.4)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.3)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(6.2)</font></b></font></p></td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">34</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_36"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:115%;margin:0in 0in 10pt;text-align:justify;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Through its defined benefit plans, the Company is exposed to a number of risks, the most significant being the exposure to asset volatility, to changes in bond yields and to changes in life expectancy. The plan liabilities are calculated using a discount rate set with reference to corporate bond yields, if plan assets underperform against this yield, this will create a deficit. A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans&#8217; bond holdings. The plans&#8217; obligations are to provide benefits for the duration of the life of its members, therefore, increases in life expectancy will result in an increase in the plans&#8217; liabilities. </font></font></font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:747pt;">
 <tr style="height:23.25pt;">
  <td colspan=16 valign=bottom width=100% style="background:white;height:23.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Contributions reflect actuarial assumptions of future investment returns, salary projections and future service benefits. The expected contribution for the next fiscal year is as follows:</font></font></p></td>
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<tr style="height:11.25pt;">
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=36% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Funded plans</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=25% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Unfunded plans</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=36% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Canadian</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canadian</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=36% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Expected contribution &#8211; fiscal 2015</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">18.4&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.1&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.4&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">23.5&nbsp;</font></font></p></td>
 </tr>
<tr>
  <td width=36%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:avoid;text-align:justify;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 15 &#8211; DEFERRED GAINS AND OTHER non-CURRENT LIABILITIES</font></b></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)<sup> </sup></font></i></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Deferred gains on sale and leasebacks<sup> (1)</sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">32.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">36.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Deferred revenue<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">95.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">91.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=FR-CA style="font-size:7.5pt;">LTI-RSU/DSU compensation obligations (Note 24)<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">38.2&nbsp;&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">29.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Licence payable<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Purchase options<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">16.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">16.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">14.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">204.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">191.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:6pt;">
  <td valign=bottom width=64% style="background:white;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(1)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> The related amortization for the year amounted to $4.2 million (2013 &#8211; $4.5 million).<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:avoid;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 16 &#8211; iNCOME TAXEs</font></b></font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:12.75pt;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><b><font style="font-size:9.5pt;">Income tax expense</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=10 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">A reconciliation of income taxes at Canadian statutory rates with the reported income taxes is as follows:</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=19% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=15% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Years ended March 31</font></i></font></p></td>
 <td valign=bottom width=19% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=52% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions, except for income tax rates)</font></i></font></p></td>
 <td valign=bottom width=19% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Earnings before income taxes</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">221.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">168.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Canadian statutory income tax rates</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.94%</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">26.74%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Income taxes at Canadian statutory rates</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">59.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">45.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Difference between Canadian and Foreign statutory rates</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(8.0)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.7)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Losses not tax effected</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Tax benefit of operating losses not previously recognized</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(3.5)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.3)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-taxable capital gain</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.5)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.1)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Tax impact on equity accounted investees</font></font></p></td>
 <td valign=bottom width=19% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(7.1)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(5.8)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-deductible items</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.3&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Prior years' tax adjustments and assessments</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(8.8)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(10.1)</font></font></p></td>
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<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Impact of change in income tax rates on deferred income taxes</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.5)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.5)</font></font></p></td>
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<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-taxable research and development tax credits</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.3)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other tax benefits not previously recognized</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(6.6)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.9)</font></font></p></td>
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<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1.2&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=71% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Income tax expense</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">30.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">28.2&nbsp;</font></font></p></td>
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<tr style="height:3pt;">
  <td valign=bottom width=52% style="background:white;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=19% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:115%;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The applicable statutory tax rates are 26.94% in 2014 and 26.74% in 2013. The Company's applicable tax rate is the Canadian combined rates applicable in the jurisdictions in which the Company operates. The increase is due to a change in the mix of income from provincial jurisdictions.</font></font></font></p>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">35</font></font></font></p></div></div>

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<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

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   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Significant components of the provision for the income tax expense are as follows:</font></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Current income tax expense (recovery):</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Current period</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">17.6&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.0&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment for prior years</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(15.2)</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.4)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Deferred income tax expense (recovery):</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Tax benefit not previously recognized used to reduce the deferred tax expense</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(10.1)</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.3)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Impact of change in income tax rates on deferred income taxes</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.5)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.5)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Origination and reversal of temporary differences</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">39.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">32.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=52% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Income tax expense</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">30.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">28.2&nbsp;</font></font></p></td>
 </tr>
<tr>
  <td width=3%>&nbsp;</td>
 <td width=49%>&nbsp;</td>
 <td width=20%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">During fiscal 2014, a tax recovery of $10.3 million was recorded in income and was due to a favourable decision by the Federal Court of Appeal of Canada rendered April 17, 2013, with respect to the tax treatment of the depreciation and sale of simulators in Canada. </font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">Income tax recognized in OCI</font></b></font></p>

<p style="line-height:normal;margin:3pt 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">During fiscal 2014, a deferred tax expense of $2.4 million was recorded in OCI (2013 &#8211; tax recovery of $11.0 million). No current income tax expense (recovery) was recognized in OCI for fiscal 2014 or fiscal 2013.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=2 width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:9.5pt;">Deferred tax assets and liabilities</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=19 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Deferred tax assets and liabilities are attributable to the following:</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">As at March 31</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Assets</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Liabilities</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Net</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-capital loss carryforwards</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">54.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">57.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">54.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">57.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Intangible assets</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(76.4)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(72.3)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(72.8)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(68.0)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Amounts not currently deductible</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">23.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">23.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Deferred revenues</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">8.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">8.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Tax benefit carryover</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Unclaimed research &amp; development</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">expenditures</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">10.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">10.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Investment tax credits</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(40.3)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(31.8)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(40.3)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(31.8)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Property, plant and equipment</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">10.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">9.0&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(112.7)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(95.1)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(102.4)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(86.1)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Unrealized losses (gains) on foreign exchange</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(7.7)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.8)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(6.1)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.1)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Financial instruments</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">8.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.2)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.2)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">8.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Government assistance</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(11.1)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.9)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(11.1)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.9)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Employee benefit plans</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">27.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">32.9&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">27.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">32.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Percentage-of-completion versus</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">completed contract</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(31.9)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(32.7)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(31.9)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(32.7)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.9&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(6.6)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.3)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(5.3)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(5.4)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Tax assets (liabilities)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">152.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">151.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(286.9)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(250.1)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(134.3)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(98.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(120.8)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(120.2)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">120.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">120.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net deferred income tax assets (liabilities)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">31.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">31.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(166.1)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(129.9)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(134.3)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(98.6)</font></font></p></td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">36</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_38"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:752pt;">
 <tr style="height:12pt;">
  <td colspan=20 valign=bottom width=99% style="background:white;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Movements in temporary differences during fiscal year 2014 are as follows:</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:10.5pt;">
  <td valign=bottom width=2% style="background:white;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Balance</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Recognized</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Recognized</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Acquisition</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Exchange</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Balance</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td colspan=3 valign=bottom width=14% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">beginning of year</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">in income</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">in OCI</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">of subsidiary</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">differences</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">end of year</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-capital loss carryforwards</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">57.2&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.1)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.9&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">54.0&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Intangible assets</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(68.0)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.9)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.9)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(72.8)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Amounts not currently deductible</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">23.7&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.1&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.9&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Deferred revenues</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.8&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.4)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">8.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Tax benefit carryover</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.7&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.3)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Unclaimed research &amp; development expenditures</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.2&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">10.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Investment tax credits</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(31.8)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.5)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(40.3)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Property, plant and equipment</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(86.1)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(7.7)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.6)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(102.4)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Unrealized (gains) losses on foreign exchange</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.1)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.4)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.3)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.3)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(6.1)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Financial Instruments</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.9&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.5)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.6&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">8.0&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Government assistance</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.9)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.2)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(11.1)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Employee benefit plans</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">32.9&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.1)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.7)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.2&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">27.3&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Percentage-of-completion versus</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">completed contract</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(32.7)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.8&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(31.9)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(5.4)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.2)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(5.3)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net deferred income tax (liabilities)</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(98.6)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(27.6)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.4)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(5.7)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(134.3)</font></b></font></p></td>
 </tr>
<tr>
  <td width=2%>&nbsp;</td>
 <td width=20%>&nbsp;</td>
 <td width=2%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:752pt;">
 <tr style="height:12pt;">
  <td colspan=20 valign=bottom width=99% style="background:white;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Movements in temporary differences during fiscal year 2013 are as follows:</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:10.5pt;">
  <td valign=bottom width=2% style="background:white;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Balance</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Recognized</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Recognized</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Acquisition</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Exchange</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Balance</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td colspan=3 valign=bottom width=14% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">beginning of year</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">in income</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">in OCI</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">of subsidiaries</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">differences</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">end of year</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-capital loss carryforwards</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">41.4&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.8&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.7&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">57.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Intangible assets</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(39.5)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(17.2)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(10.8)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.5)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(68.0)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Amounts not currently deductible</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">26.4&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.2)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.3&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">23.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Deferred revenues</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.0&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.8)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.1)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.3)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Tax benefit carryover</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.2&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.5)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Unclaimed research &amp; development expenditures</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7.7&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.5&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Investment tax credits</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(18.9)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(12.9)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(31.8)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Property, plant and equipment</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(83.8)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.1&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.4)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.0)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(86.1)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Unrealized (gains) losses on foreign exchange</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.8)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.2&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.7&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.1)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Financial Instruments</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.9&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.3)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.2&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Government assistance</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.1)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.8)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.9)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Employee benefit plans</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">27.2&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.1)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7.1&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.2&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">32.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Percentage-of-completion versus</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">completed contract</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(36.3)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.9&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.7&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(32.7)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.5)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.7&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.5&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.1)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(5.4)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=22% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net deferred income tax (liabilities) assets</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(73.1)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(27.6)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.0&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(7.9)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.0)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(98.6)</font></font></p></td>
 </tr>
<tr>
  <td width=2%>&nbsp;</td>
 <td width=20%>&nbsp;</td>
 <td width=2%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">As at March 31, 2014, taxable temporary differences of $565.6&nbsp;million (2013 &#8211; $367.3 million) related to investments in foreign operations, including subsidiaries and interests in joint ventures has not been recognized, because the Company controls whether the liability will be incurred and it is satisfied that it will not be incurred in the foreseeable future.</font></font></p>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">37</font></font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_39"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=13 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The non-capital losses expire as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=20% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=24% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Expiry date</font></font></p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Unrecognized</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Recognized</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2015&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2016&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2017&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.7&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2018&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.5&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2019&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.7&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2020&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.2&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;">
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2021 &#8211; 2034</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">24.8&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">56.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">No expiry date</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">70.0&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">113.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=51% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">116.5&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">169.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:1.5pt;">
  <td valign=bottom width=51% style="background:white;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">As at March 31, 2014, the Company has $299.2 million (2013 &#8211; $288.2 million) of deductible temporary differences for which deferred tax assets have not been recognized. These amounts will reverse during a period of up to 30 years. The Company also has $0.3&nbsp;million (2013 &#8211; nil) of accumulated capital losses carried forward relating to its operations in Canada for which deferred tax assets have not been recognized. These capital losses can be carried forward indefinitely.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 17 &#8211; SHARE CAPITAL, Earnings per share and dividends</font></b></font></p>

<p style="line-height:normal;margin:0in 0in 2pt;page-break-after:auto;"><font face=helvetica,sans-serif><b><font lang=X-NONE style="font-size:9.5pt;">Share capital</font></b></font></p>

<p style="line-height:normal;margin:0in 0in 2pt;page-break-after:auto;"><font face=helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:9pt;">Authorized shares</font></i></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company is authorized to issue an unlimited number of common shares without par value and an unlimited number of preferred shares without par value, issuable in series. </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The preferred shares may be issued with rights and conditions to be determined by the Board of Directors, prior to their issue. To date, the Company has not issued any preferred shares.</font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;page-break-after:auto;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 2pt;page-break-after:auto;"><font face=helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:9pt;">Issued shares</font></i></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">A reconciliation of the issued and outstanding common shares of the Company is presented in the Consolidated Statement of Changes in Equity. As at March 31, 2014, the number of shares issued and that are fully paid amount to 263,771,443 <br>(2013 </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.5pt;">&#8211; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">259,979,059).&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.5pt;"> &nbsp;</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:15pt;">
  <td valign=bottom width=58% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:9.5pt;">Earnings per share computation</font></b></font></p></td>
 <td valign=bottom width=16% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=10 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The denominators for the basic and diluted earnings per share computations are as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=58% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=16% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=58% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#ffffff face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Years ended March 31</font></i></font></p></td>
 <td valign=bottom width=16% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:10.5pt;">
  <td valign=bottom width=58% style="background:white;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Weighted average number of common shares outstanding</font></font></p></td>
 <td valign=bottom width=16% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">261,312,832&nbsp;</font></b></font></p></td>
 <td colspan=4 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">258,982,945&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=58% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Effect of dilutive stock options</font></font></p></td>
 <td valign=bottom width=16% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">606,705&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">412,661&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Weighted average number of common shares outstanding for diluted earnings per share calculation</font></font></p></td>
 <td colspan=4 valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">261,919,537&nbsp;</font></b></font></p></td>
 <td colspan=4 valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">259,395,606&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=58% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=16% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:24pt;">
  <td colspan=10 valign=bottom width=100% style="background:white;height:24pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">As at March 31, 2014, options to acquire 589,040 common shares (2013 &#8211; 2,490,041) have been excluded from the above calculation since their inclusion would have had an anti-dilutive effect.</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 2pt;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Dividends</font></b></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The dividends declared for fiscal 2014 were $57.6 million or $0.22 per share (2013 </font></font><font face="Times New Roman"><font lang=EN-US style="font-size:11pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> $49.2 million or $0.19 per share). </font></font></p>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">38</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_40"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 0pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 18 &#8211; ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)</font></b></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:750pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=14% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net changes in</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign currency </font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=21% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net changes in </font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=21% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">available-for-sale</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=white face=helvetica,sans-serif><i><font style="font-size:7.5pt;">As at March 31</font></i></font></p></td>
 <td colspan=5 valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">translation</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=21% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">cash flow hedges</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=21% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">financial instruments</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Balances, beginning of year</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(7.8)</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(10.2)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(4.6)</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(12.0)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.0)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">OCI</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">158.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(17.0)</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.4)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">141.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.0)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Balances, end of year</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">150.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(7.8)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(21.6)</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.6)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">129.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(12.0)</font></font></p></td>
 </tr>
<tr style="height:1.5pt;">
  <td valign=bottom width=3% style="background:white;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:1.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr>
  <td width=3%>&nbsp;</td>
 <td width=14%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=4%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=4%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=4%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=4%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=4%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 19 &#8211; EMPLOYEE COMPENSATION</font></b></font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:15pt;">
  <td colspan=7 valign=bottom width=99% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The total employee compensation expense recognized in the determination of net income is as follows:</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:15pt;">
  <td valign=bottom width=47% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=31% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)<sup> </sup></font></i></font></p></td>
 <td valign=bottom width=31% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Salaries and benefits<sup> </sup></font></font></p></td>
 <td valign=bottom width=31% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">695.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">639.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Share-based payments, net of equity swap<sup> </sup></font></font></p></td>
 <td valign=bottom width=31% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">19.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Pension costs &#8211; defined benefit plans<sup>(1)</sup></font></font></p></td>
 <td valign=bottom width=31% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">21.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Pension costs &#8211; defined contribution plans<sup> </sup></font></font></p></td>
 <td valign=bottom width=31% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">7.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Termination benefits<sup> </sup></font></font></p></td>
 <td valign=bottom width=31% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">9.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">49.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total employee compensation expense<sup> </sup></font></font></p></td>
 <td valign=bottom width=31% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">759.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">733.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(1)</font></font></sup><font color=black face=arial,sans-serif><font style="font-size:7pt;"> Includes net interest on employee benefits obligations (Note 23).</font></font><sup><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;"> </font></font></sup></p></td>
 <td valign=bottom width=31% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:avoid;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 20 &#8211; impairment of non-financial assets</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Goodwill is monitored by management at the operating segment level.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:12.75pt;">
  <td colspan=19 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The carrying amount of goodwill allocated to the Company's CGUs per operating segment is as follows:</font></font></p></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=36% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=36% style="background:white;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=36% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">SP/C</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">TS/C</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">SP/M</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">TS/M</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">NCM</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=36% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net book value at March 31, 2012</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">32.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">103.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">37.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">125.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">298.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=36% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Acquisition of subsidiaries</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">142.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">149.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=36% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Exchange differences</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=36% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net book value at March 31, 2013</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">176.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">103.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">37.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">134.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">452.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=36% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Acquisition of subsidiaries (Note 3)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=36% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Exchange differences</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">27.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">50.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=36% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Transfers</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.8)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=36% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net book value at March 31, 2014</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">200.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">110.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">40.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">147.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">502.5 &nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:3pt;">
  <td valign=bottom width=36% style="background:white;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 10pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Goodwill is allocated to CGUs or a group of CGUs, which generally corresponds to the Company&#8217;s operating segments or one level below.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company&#8217;s impairment test for goodwill is based on level 3 fair value less costs of disposal calculations and uses valuation models such as the discounted cash flows model. The cash flows are derived from the projections approved by management for the next five years. Cash flow projections take into account past experience and represent management&#8217;s best estimate about future developments and form part of the Company&#8217;s strategic plan approved annually by the Board of Directors. Cash flows after the five year period are extrapolated using a constant growth rate of 2.5%. For fiscal 2014, the post-tax discount rates were derived from the respective CGUs&#8217; representative weighted average cost of capital, which range from 7.5% to 14%.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 10pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">In fiscal 2014, an impairment loss of $0.6 million was recognized in TS/C cost of sales following the decision to sell a building. The recoverable amount of $4.8 million was estimated using its fair value, based on a level 2 market price, less costs of disposal. There were no impairment losses in fiscal 2013. </font></font></p>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">39</font></font></font></p></div></div>

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<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 21 &#8211; other gains </font></b></font><font color=#5f5f5f face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:10pt;font-weight:normal;text-transform:uppercase;">&#8211;&nbsp;</font></i></font><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;"> net</font></b></font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
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  <td valign=bottom width=78% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Disposal of property, plant and equipment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(5.6)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.7)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=78% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net foreign exchange differences</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.4)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(11.4)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=78% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Dividend income</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.1)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.9)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=78% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Reversal of contingent consideration arising on business combinations (Note 11)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.4)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.1)</font></font></p></td>
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  <td valign=bottom width=78% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Reversal of unused portion of an acquisition-related provision</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(4.2)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(8.7)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.3)</font></font></p></td>
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<tr style="height:11.25pt;">
  <td valign=bottom width=78% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other gains &#8211; net</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(20.4)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(22.4)</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 22 &#8211; Restructuring, integration and acquisition costs</font></b></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:15pt;">
  <td valign=bottom width=65% style="background:white;border-bottom:#000000 1px solid;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;">
  <td valign=bottom width=65% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Restructuring costs (Note 11)</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">54.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=65% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Integration costs</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=65% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Acquisition costs</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=65% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Restructuring, integration and acquisition costs</font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">68.7&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:115%;margin:0in 0in 2pt;text-align:justify;"><font color=black face=helvetica,sans-serif style="line-height:115%;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">Restructuring&nbsp;costs </font></b></font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Restructuring costs consist mainly of severances and other related costs.</font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:115%;margin:0in 0in 2pt;text-align:justify;"><font color=black face=helvetica,sans-serif style="line-height:115%;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">Integration&nbsp;costs</font></b></font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Integration costs represent incremental costs directly related to the integration of OAA in the Company&#8217;s ongoing activities. This primarily includes expenditures related to redeployment of simulators, regulatory and process standardization, systems integration and other activities.</font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=calibri,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;&nbsp;</font></font></p>

<p style="line-height:115%;margin:0in 0in 2pt;text-align:justify;"><font color=black face=helvetica,sans-serif style="line-height:115%;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">Acquisition&nbsp;costs</font></b></font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Acquisition costs include expenses, fees, commissions and other costs associated with the collection of information, negotiation of contracts, risk assessments, and the services of lawyers, advisors and specialists.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 23 &#8211; FINANCE EXPENSE &#8211; NET</font></b></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:749pt;">
 <tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=52% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font><sup><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;"> </font></b></font></sup></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Finance expense:<sup> </sup></font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Long-term debt (other than finance leases)<sup> </sup></font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">52.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">45.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Finance leases<sup> </sup></font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">9.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.0&nbsp;</font></font></p></td>
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  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Royalty obligations<sup> </sup></font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">8.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.2&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net employee benefits obligations (Note 14)<sup> </sup></font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.2&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.1&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Financing cost amortization<sup> </sup></font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.5&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.6&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accretion of other non-current liabilities<sup> </sup></font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.5&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.7&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other<sup> </sup></font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.2&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.8&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Post interest rate swaps<sup> </sup></font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.1&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.4)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Borrowing costs capitalized<sup> (1)</sup></font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(3.7)</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.8)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=52% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Finance expense<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">80.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">74.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Finance income:<sup> </sup></font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Interest income on loans and receivables<sup> </sup></font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.6)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.0)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other<sup> </sup></font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(8.2)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(7.4)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 width=52% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Finance income<sup> </sup></font></b></font></p></td>
 <td width=20% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(9.8)</font></b></font></p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.4)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=52% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Finance expense - net<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">70.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">65.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12pt;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(1)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">The average capitalization rate used during fiscal 2014 to determine the amount of borrowing costs eligible for capitalization was 3.75% (2013 - 3.86%).</font></font></p></td>
 </tr>
<tr>
  <td width=3%>&nbsp;</td>
 <td width=49%>&nbsp;</td>
 <td width=20%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">40</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_42"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 24 &#8211; SHARE-BASED PAYMENTS</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company&#8217;s five share-based payment plans consist of two categories of plans: the Employee Stock Option Plan (ESOP), which qualifies as an equity-settled share-based payment plan; and the Employee Stock Purchase Plan (ESPP), Deferred Share Unit (DSU) Plans, Long-Term Incentive Deferred Share Unit (LTI-DSU) Plan and the Long-Term Incentive Restricted Share Unit (LTI-RSU) Plans, which qualify as cash-settled share-based payments plans.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The effect before income taxes of share-based payment arrangements in the consolidated income statement and in the consolidated statement of financial position are as follows as at, and for the years ended March 31:</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Compensation </font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Recognized in the consolidated </font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">cost/(recovery)</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">statement of financial position</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash-settled share-based compensation:</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">ESPP</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.7&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.6&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">DSU</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.3&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.9&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(8.0)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.1)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">LTI-DSU, net of equity swap</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.8)</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.3&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(21.8)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(19.3)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">LTI-RSU</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">7.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.1&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(10.1)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.5)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total cash-settled share-based compensation</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">16.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.9&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(39.9)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(33.9)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity-settled share-based compensation:</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">ESOP</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.9&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(19.5)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(21.9)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total equity-settled share-based compensation</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.9&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(19.5)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(21.9)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=47% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total share-based compensation</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">20.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.8&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(59.4)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(55.8)</font></font></p></td>
 </tr>
<tr>
  <td width=47%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The compensation costs listed above include capitalized costs of $0.9 million (2013 </font></font><font face=Arial,sans-serif><font lang=EN-CA style="font-size:10pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> $0.8 million). </font></font></p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The share-based payment plans are described below. There have been no plan cancellations during fiscal 2014 or fiscal 2013.</font></font></p>

<p style="margin:0in 0in 2pt;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Employee Stock Option Plan</font></b></font></p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Under the Company&#8217;s long-term incentive program, options may be granted to its officers and other key employees of its subsidiaries to purchase common shares of the Company at a subscription price of 100% of the market value at the date of the grant. Market value is determined as the weighted average closing price of the common shares on the Toronto Stock Exchange (TSX) of the five days of trading prior to the effective date of the grant.</font></font></p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">As at March&nbsp;31,&nbsp;2014, a total of 9,917,220 common shares (2013 </font></font><font face=Arial,sans-serif><font lang=EN-CA style="font-size:10pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> 12,304,776) remained authorized for issuance under the Employee Stock Option Plan (ESOP). The options are exercisable during a period not to exceed seven years (six years for options issued before March 31, 2011), and are not exercisable during the first 12 months after the date of the grant. The right to exercise all of the options vests over a period of four years of continuous employment from the grant date. Upon termination of employment at retirement, unvested options continue to vest following the retiree&#8217;s retirement date, subject to the four year vesting period. However, if there is a change of control of the Company, the options outstanding become immediately exercisable by option holders. Options are adjusted proportionately for any stock dividends or stock splits attributed to the common shares of the Company.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=13 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Outstanding options are as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=26% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=white face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Years ended March 31</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Weighted </font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Weighted </font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Number</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">average </font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Number</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">average </font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=26% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">of options</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">exercise price</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=17% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">of options</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=17% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">exercise price</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Options outstanding, beginning of year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">7,311,967&nbsp;</font></b></font></p></td>
 <td valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">10.24&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6,473,768&nbsp;</font></font></p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.20&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Granted</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,082,900&nbsp;</font></b></font></p></td>
 <td valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">11.02&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,755,400&nbsp;</font></font></p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.16&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Exercised</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(2,387,556)</font></b></font></p></td>
 <td valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">9.28&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(482,250)</font></font></p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.13&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Forfeited</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(606,623)</font></b></font></p></td>
 <td valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">11.56&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(412,076)</font></font></p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.61&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=26% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Expired</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(976,106)</font></b></font></p></td>
 <td valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">14.08&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(22,875)</font></font></p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.97&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=26% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Options outstanding, end of year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5,424,582&nbsp;</font></b></font></p></td>
 <td valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">10.13&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7,311,967&nbsp;</font></font></p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.24&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=26% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Options exercisable, end of year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,768,716&nbsp;</font></b></font></p></td>
 <td valign=bottom width=12% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">8.60&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3,829,769&nbsp;</font></font></p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.44&nbsp;</font></font></p></td>
 </tr>
</table></div>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">41</font></font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_43"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:751pt;">
 <tr style="height:11.25pt;">
  <td colspan=24 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Summarized information about the Company's ESOP as at March 31, 2014 is as follows:</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=9% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=17% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Range of exercise prices</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=9 valign=bottom width=34% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Options Outstanding</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=9 valign=bottom width=36% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Options Exercisable</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=9% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=16% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Weighted</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=15% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Weighted</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=15% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Weighted</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=9% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Number</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=16% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">average remaining</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=15% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">average </font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Number</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=15% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">average </font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=18% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Outstanding</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=16% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">contractual life (years)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=15% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">exercise price</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=18% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">exercisable</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=15% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">exercise price</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=9% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$7.29 to $9.69</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1,566,419&nbsp;</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1.76&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">7.95&nbsp;</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,343,283&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7.67&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=9% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$10.04 to $11.02</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3,230,813&nbsp;</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.76&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.71&nbsp;</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">201,151&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.25&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$11.13 to $13.18</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">627,350&nbsp;</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.11&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12.59&nbsp;</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">224,282&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12.70&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5,424,582&nbsp;</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.42&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.13&nbsp;</font></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,768,716&nbsp;</font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.60&nbsp;</font></font></p></td>
 </tr>
<tr>
  <td width=9%>&nbsp;</td>
 <td width=8%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=9%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=8%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=2%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=8%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=9%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=2%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The weighted average market share price for share options exercised in 2014 was $13.13 (2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:10pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> $10.45).</font></font></p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">For the year ended March&nbsp;31,&nbsp;2014, compensation cost for CAE&#8217;s stock options of $3.7 million (2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:10pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> $3.9 million) was recognized in the consolidated income statement with a corresponding credit to contributed surplus using the fair value method of accounting for awards that were granted since fiscal 2010.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The assumptions used for the purpose of the option calculations outlined in this note are presented below:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=55% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=55% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Weighted average assumptions used in the Black-Scholes options pricing model:</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=55% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Weighted average share price</font></font></p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">10.95&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.08&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=55% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Exercise price</font></font></p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">11.02&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.16&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=55% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Dividend yield</font></font></p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.83%</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.60%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=55% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Expected volatility</font></font></p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">29.83%</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">33.56%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=55% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Risk-free interest rate</font></font></p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.35%</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.29%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=55% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Expected option term</font></font></p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5 years</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5 years</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=55% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Weighted average fair value option granted</font></font></p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.45&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.59&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=55% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Expected volatility is estimated by considering historical average share price volatility over the option's expected term.</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 2pt;page-break-after:auto;text-align:justify;"><font color=windowtext face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;font-style:normal;">Employee Stock Purchase Plan</font></b></font></p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company maintains an Employee Stock Purchase Plan (ESPP) to enable employees of the Company and its participating subsidiaries to acquire CAE common shares through regular payroll deductions or a lump-sum payment plus employer contributions. The Company and its participating subsidiaries match the first $500 employee contribution and contribute $1 for every $2 of additional employee contributions, up to a maximum of 3% of the employee&#8217;s base salary. The Company recorded compensation cost in the amount of $5.7&nbsp;million (2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:10pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> $5.6 million) in respect of employer contributions under the Plan.</font></font></p>

<p style="margin:0in 0in 2pt;page-break-after:auto;text-align:justify;"><font color=windowtext face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;font-style:normal;">Deferred Share Unit Plans</font></b></font></p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company maintains a Deferred Share Unit (DSU) plan for executives, whereby an executive may elect to receive any cash incentive compensation in the form of deferred share units. The plan is intended to promote a greater alignment of interests between executives and the shareholders of the Company. A DSU is equal in value to one common share of the Company. The units are issued on the basis of the average closing board lot sale price per share of CAE common shares on the TSX during the last 10 days on which such shares traded prior to the date of issue. The units also accrue dividend equivalents payable in additional units in an amount equal to dividends paid on CAE common shares. DSUs mature upon termination of employment, whereupon an executive is entitled to receive a cash payment equal to the fair market value of the equivalent number of common shares, net of withholdings.</font></font></p>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">42</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_44"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company also maintains a DSU plan for non-employee directors. A non-employee director holding less than the minimum holdings of common shares of the Company receives the Board retainer and attendance fees in the form of deferred share units. Minimum holdings means no less than the number of common shares or deferred share units equivalent in fair market value to three times the annual retainer fee payable to a director for service on the Board. A non-employee director holding no less than the minimum holdings of common shares may elect to participate in the plan in respect of half or all of his or her retainer and part or all of his or her attendance fees. The terms of the plan are essentially identical to the executive DSU Plan except that units are issued on the basis of the closing board lot sale price per share of CAE common shares on the TSX during the last day on which the common shares traded prior to the date of issue.</font></font></p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company records the cost of the DSU plans as a compensation expense and accrues its non-current liability in deferred gains and other non-current liabilities on the consolidated statement of financial position. The cost recorded in fiscal 2014 was $4.3 million (2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;$0.9&nbsp;million).&nbsp;</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">DSUs outstanding are as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=56% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=15% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=59% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#ffffff face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Years ended March 31</font></i></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">DSUs outstanding, beginning of year</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">813,191&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">805,527&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=59% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Units granted</font></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">102,735&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">97,457&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=59% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Units redeemed</font></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(374,969)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(104,807)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=59% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Dividends paid in units</font></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">10,976&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15,014&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=59% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">DSUs outstanding, end of year</font></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">551,933&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">813,191&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=59% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">DSUs vested, end of the year</font></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">551,933&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">813,191&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=56% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The intrinsic values of the DSUs amount to $8.0 million at March 31, 2014 (2013 &#8211; $8.1 million). </font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 2pt;page-break-after:auto;text-align:justify;"><font color=windowtext face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;font-style:normal;">Long-Term Incentive (LTI) &#8211; Deferred Share Unit Plan</font></b></font></p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company maintains a Long-Term Incentive Deferred Share Unit (LTI-DSU) plan for executives and senior management to promote a greater alignment of interests between executives and shareholders of the Company. A LTI-DSU is equal in value to one common share at a specific date. The LTI-DSUs are also entitled to dividend equivalents payable in additional units in an amount equal to dividends paid on CAE common shares. Eligible participants are entitled to receive a cash payment equivalent to the fair market value of the number of vested LTI-DSUs held upon any termination of employment. Upon termination of employment at retirement, unvested units continue to vest until November&nbsp;30 of the year following the retirement date. For participants subject to section 409A of the United States Internal Revenue Code, vesting of unvested units takes place at the time of retirement.</font></font></p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Plan stipulates that granted units vest equally over five years and that following a change of control, all unvested units vest immediately. The cost recorded in fiscal 2014 was $11.0 million (2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;$3.0&nbsp;million).&nbsp;</font></font></p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company entered into equity swap agreements to reduce its earnings exposure to the fluctuations in its share price (See Note&nbsp;30). </font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.75pt;">
 <tr style="height:11.25pt;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">LTI-DSUs outstanding are as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=56% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=15% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=59% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#ffffff face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Years ended March 31</font></i></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=68% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">LTI-DSUs outstanding, beginning of year</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,265,712&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2,431,314&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=59% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Units granted</font></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">252,970&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">293,990&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=59% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Units cancelled</font></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(97,164)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(85,394)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=59% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Units redeemed</font></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(505,712)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(421,170)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=59% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Dividends paid in units</font></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">39,479&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">46,972&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=59% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">LTI-DSUs outstanding, end of year</font></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,955,285&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2,265,712&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=59% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">LTI-DSUs vested at end of year</font></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,678,942&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,917,003&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=56% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The intrinsic values of the LTI-DSUs amount to $24.4 million at March 31, 2014 (2013 &#8211; $19.0 million).</font></font></p></td>
 </tr>
</table></div>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">43</font></font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_45"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 2pt;page-break-after:auto;text-align:justify;"><font color=windowtext face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;font-style:normal;">Long-Term Incentive &#8211; Restricted Share Unit Plans</font></b></font></p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company maintains Long-Term Incentive Performance Based Restricted Shares Unit (LTI-RSU) plans to enhance the Company&#8217;s ability to attract and retain talented individuals and also to promote a greater alignment of interest between eligible participants and the Company&#8217;s shareholders. The LTI-RSUs are share-based performance plans.</font></font></p>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9pt;">Fiscal year 2008 Plan</font></i></b></font></p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">LTI-RSUs granted pursuant to the plan vest after three years from their grant date as follows:</font></font></p>

<p style="margin:0in 0in 6pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(i)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">100% of the units, if CAE shares have appreciated by a minimum annual compounded growth defined as the Bank of Canada 10-year risk-free rate of return on the grant date plus 350 basis points (3.50%) over the valuation period, or, in the case of pro&#8209;rated vesting, as of the end of the pro-ration period;</font></font></p>

<p style="margin:0in 0in 0pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(ii)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">50% of the units if, based on the grant price, the closing average price on the common CAE shares has met or exceeded the performance of the companies listed on the Standard &amp; Poor&#8217;s Aerospace and Defence Index (S&amp;P A&amp;D index), adjusted for dividends, or, in the case of pro-rated vesting, as of the end of the pro-ration period.</font></font></p>

<p style="margin:0in 0in 0pt 0.25in;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Participants subject to loss of employment, other than voluntarily or for cause, are entitled to conditional pro-rata vesting. The cost recorded in fiscal 2014 was nil (2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> $0.3&nbsp;million).</font></font></p>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9pt;">Fiscal year 2011 Plan</font></i></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In May 2010, the Company amended the fiscal year 2008 Plan for fiscal 2011 and subsequent years. LTI-RSUs granted pursuant to the revised plan vest over three years from their grant date as follows:</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(i)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">One-sixth of the total number of granted units multiplied by a factor vests every year. The factor is calculated from the one-year Total Shareholder Return (TSR) relative performance of CAE&#8217;s share price versus that of the S&amp;P A&amp;D index for the period April&nbsp;1<sup>st</sup> to March 31<sup>st</sup>, immediately preceding each of the 1<sup>st</sup>, 2<sup>nd</sup>, and 3<sup>rd</sup> anniversary of the grant date, according to the following rule:</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Annual TSR relative performance</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Factor</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1st Quartile (0 &#8211; 25th percentile)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2nd Quartile (26th &#8211; 50th percentile)</font></font></p></td>
 <td valign=bottom width=16% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">50% &#8211; 98%</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3rd Quartile (51st &#8211; 75th percentile)</font></font></p></td>
 <td valign=bottom width=16% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=19% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100% &#8211; 148%</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4th Quartile (76th &#8211; 100th percentile)</font></font></p></td>
 <td valign=bottom width=16% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">150%</font></font></p></td>
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</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0pt 0pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(ii)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">One-half of the total number of granted units multiplied by a factor vests in the final year. The factor is calculated from the three&#8209;year TSR relative performance of CAE&#8217;s share price versus that of the companies listed on the S&amp;P A&amp;D index for the period April 1<sup>st</sup>, immediately preceding the grant date, to March 31<sup>st</sup>, immediately preceding the 3<sup>rd </sup>anniversary of the grant date, according to the same rule described in the table above.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Participants subject to loss of employment, other than voluntarily or for cause, are entitled to the units vested. The cost recorded in fiscal 2014 was $7.4 million (2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> $0.8 million).</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:751pt;">
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  <td colspan=13 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">LTI-RSU units outstanding under all plans are as follows:</font></font></p></td>
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  <td valign=bottom width=39% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=15% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=39% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Fiscal Year 2011 Plan</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Fiscal Year 2008 Plan</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=39% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=white face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Years ended March 31</font></i></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=39% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">LTI-RSUs outstanding, beginning of year</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,463,639&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,014,155&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">660,733&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=39% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Units granted</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">495,198&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">593,410&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=39% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Units cancelled</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(464,284)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(138,924)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(5,954)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=39% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Units redeemed</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(350,856)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(5,002)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(654,779)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=39% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">LTI-RSUs outstanding, end of year</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,143,697&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,463,639&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=39% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">LTI-RSUs vested, end of year</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">765,788&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,060,397&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:9pt;">
  <td valign=bottom width=39% style="background:white;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;">
  <td colspan=13 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The intrinsic values of the LTI-RSUs amount to $10.1 million at March 31, 2014 (2013 &#8211; $6.5 million).</font></font></p></td>
 </tr>
<tr>
  <td width=39%>&nbsp;</td>
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 <td width=1%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=10%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=8%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=9%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">44</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_46"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 25 &#8211; SUPPLEMENTARY CASH FLOWS INFORMATION</font></b></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:748pt;">
 <tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=52% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash (used in) provided by non-cash working capital:</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts receivable</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(14.3)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(76.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contracts in progress: assets</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">29.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.8)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Inventories</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(42.3)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(24.8)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Prepayments</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(4.4)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Income taxes recoverable</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(11.5)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Derivative financial assets</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">19.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">17.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts payable and accrued liabilities</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(9.4)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Provisions</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(22.6)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">19.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Income taxes payable</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.4)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.1)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contracts in progress: liabilities</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">40.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Derivative financial liabilities</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(29.6)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(22.9)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=52% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Changes in non-cash working capital</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(28.8)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(84.6)</font></font></p></td>
 </tr>
<tr style="height:2.25pt;">
  <td valign=bottom width=3% style="background:white;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr>
  <td width=3%>&nbsp;</td>
 <td width=49%>&nbsp;</td>
 <td width=20%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:avoid;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 26 &#8211; Contingencies</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In the normal course of operations, the Company is party to a number of lawsuits, claims and contingencies. Although it is possible that liabilities may be incurred in instances for which no accruals have been made, the Company does not believe that the ultimate outcome of these matters will have a material impact on its consolidated financial position.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:avoid;"><font color=#595959 face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;">NOTE 27 &#8211; COMMITMENTS</font></b></font><font face=Cambria><b><font lang=EN-CA style="font-size:8.5pt;"> &nbsp;</font></b></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.75pt;">
 <tr style="height:12.75pt;">
  <td colspan=8 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The future aggregate minimum lease payments under non-cancellable operating leases are as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=71% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">No later than 1 year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">53.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">53.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Later than 1 year and no later than 5 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">130.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">140.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Later than 5 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">77.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">88.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=71% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">261.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">281.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=71% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=7 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Rental expenses recorded in the consolidated income statement amount to $54.4 million (2013 &#8211; $59.1 million).</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.75pt;">
 <tr style="height:12.75pt;">
  <td colspan=17 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:9.5pt;">Contractual purchase commitments</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;">
  <td colspan=17 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The total contractual purchase commitments are as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=37% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=40% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#ffffff face=helvetica,sans-serif><font style="font-size:7.5pt;">TS/C</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#ffffff face=helvetica,sans-serif><font style="font-size:7.5pt;">SP/C</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#ffffff face=helvetica,sans-serif><font style="font-size:7.5pt;">Corporate</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=40% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2015&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">1.9&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">5.8&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">4.5&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">12.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=40% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2016&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">5.3&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.3&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=40% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2017&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#ffffff face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#ffffff face=helvetica,sans-serif><font style="font-size:7.5pt;">5.3&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#ffffff face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.3&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=37% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">1.9&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">16.4&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=white face=helvetica,sans-serif><font style="font-size:7.5pt;">4.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">22.8&nbsp;</font></b></font></p></td>
 </tr>
</table></div>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">45</font></font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_47"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:12.75pt;">
  <td colspan=8 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><b><font style="font-size:9.5pt;">Operating Lease Entitlements as a Lessor</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Future minimum lease payments receivable under non-cancellable operating leases are as follows:</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=71% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">No later than 1 year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">23.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Later than 1 year and no later than 5 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">49.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">20.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Later than 5 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">24.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=71% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">97.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">46.8&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Joint ventures&#8217; commitments </font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company&#8217;s total commitments to joint ventures that it has made but not recognized relating to its interests in joint ventures amount to $3.2 million as at March 31, 2014.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 28 &#8211; capital risk management</font></b></font></p>

<p style="margin:3pt 0in;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company&#8217;s objectives when managing capital are threefold:</font></font></p>

<p style="margin:0in 0in 6pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(i)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Optimize the Company&#8217;s cost of capital;</font></font></p>

<p style="margin:0in 0in 6pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(ii)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Maintain the Company&#8217;s financial strength and credit quality;</font></font></p>

<p style="margin:0in 0in 3pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(iii)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Provide the Company&#8217;s shareholders with an appropriate rate of return on their investment.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company manages its capital structure and makes corresponding adjustments based on changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or use cash to reduce debt.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:115%;margin:0in 0in 10pt;text-align:justify;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">To accomplish its objectives stated above, the Company monitors its capital on the basis of the net debt to capital ratio. This ratio is calculated as net debt divided by the sum of the net debt and total equity. Net debt is calculated as total debt, including the short-term portion (as presented in the consolidated statement of financial position and including non-recourse debt) less cash and cash equivalents. Total equity comprises share capital, contributed surplus, accumulated other comprehensive (loss) income, retained earnings and non-controlling interests. </font></font></font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:746pt;">
 <tr style="height:11.25pt;">
  <td colspan=9 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The level of debt versus equity in the capital structure is monitored, and the ratios are as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=62% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=21% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=65% style="background:white;border-bottom:#7f7f7f 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#7f7f7f 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#7f7f7f 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#7f7f7f 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=65% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total debt (Note 12)</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,168.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,073.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=65% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less: cash and cash equivalents</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">312.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">260.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=65% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Net debt</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">856.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">813.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=65% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,482.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1,146.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=65% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Net debt: equity</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">37:63</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">42:58</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr>
  <td width=3%>&nbsp;</td>
 <td width=62%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company has certain debt agreements which require the maintenance of a certain level of capital. As at March 31, 2014, the Company is compliant with its financial covenants.</font></font></p>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">46</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_48"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 29 &#8211; FAIR VALUE OF Financial Instruments</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The fair value of a financial instrument is determined by reference to the available market information at the reporting date. When no active market exists for a financial instrument, the Company determines the fair value of that instrument based on valuation methodologies as discussed below. In determining assumptions required under a valuation model, the Company primarily uses external, readily observable market data inputs. Assumptions or inputs that are not based on observable market data incorporate the Company&#8217;s best estimates of market participant assumptions, and are used when external data is not available. Counterparty credit risk and the fair values of the Company&#8217;s own credit risk are taken into account in estimating the fair value of all financial assets and financial liabilities, including derivatives.</font></font></p>

<p style="margin:0in 0in 2pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The following assumptions and valuation methodologies have been used to measure fair value of financial instruments:</font></font></p>

<p style="margin:0in 0in 2pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(i)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The fair value of accounts receivable, contracts in progress, accounts payable and accrued liabilities approximate their carrying values due to their short-term maturities;</font></font></p>

<p style="margin:0in 0in 2pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(ii)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The fair value of derivative instruments, including forward contracts, swap agreements and embedded derivatives with economic characteristics and risks that are not clearly and closely related to those of the host contract, are determined using valuation techniques and are calculated as the present value of the estimated future cash flows using an appropriate interest rate yield curve and foreign exchange rate. Assumptions are based on market conditions prevailing at each reporting date. Derivative instruments reflect the estimated amounts that the Company would receive or pay to settle the contracts at the reporting date;</font></font></p>

<p style="margin:0in 0in 2pt 17.85pt;text-align:justify;text-indent:-17.85pt;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(iii)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The fair value of the available-for-sale investment which does not have a readily available market value, is estimated using a discounted cash flow model, which includes some assumptions that are not supportable by observable market prices or rates;</font></font></p>

<p style="margin:0in 0in 2pt 17.85pt;text-align:justify;text-indent:-17.85pt;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(iv)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The fair value of non-current receivables are estimated based on discounted cash flows using current interest rates for instruments with similar terms and remaining maturities;</font></font></p>

<p style="margin:0in 0in 0pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">(v)</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The fair value of provisions, long-term debt and non-current liabilities, including finance lease obligations and royalty obligations, are estimated based on discounted cash flows using current interest rates for instruments with similar terms and remaining maturities.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=16 valign=bottom width=76% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The carrying values and fair values of financial instruments, by class, are as follows at March 31, 2014:</font></font></p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)<sup> </sup></font></i></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Carrying Value</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Fair Value</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">At</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Available-</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Loans &amp;</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">FVTPL</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:5pt;">(1)</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">for-Sale</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Receivables</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">DDHR</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:5pt;">(2)</font></b></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Financial assets<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash and cash equivalents<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">312.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">312.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">312.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts receivable<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">431.4&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:5pt;">(3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">431.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">431.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contracts in progress: assets<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">256.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">256.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">256.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Derivative financial assets<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.0&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other assets<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">24.1&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:5pt;">(4)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1.5&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:5pt;">(5)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">133.5&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:5pt;">(6)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">159.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">152.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">342.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">821.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">8.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,174.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,168.0&nbsp;</font></b></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=18% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Carrying Value</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Fair Value</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Other</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">At</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Financial </font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">FVTPL</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:5pt;">(1)</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Liabilities</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">DDHR</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:5pt;">(2)</font></b></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Financial liabilities<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts payable and accrued liabilities<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">529.1&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:5pt;">(7)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">530.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">532.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total provisions<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">25.3&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">28.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">28.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total long-term debt<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,173.2&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:5pt;">(8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,173.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,251.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other non-current liabilities<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">197.5&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:5pt;">(9)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">197.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">223.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Derivative financial liabilities<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">9.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">33.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">43.0&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">43.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">13.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,925.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">33.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,972.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,078.8&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:6pt;">
  <td valign=bottom width=29% style="background:white;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=22 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(1)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> FVTPL: Fair value through profit and loss.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=22 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(2)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> DDHR: Derivatives designated in a hedge relationship.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=22 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(3)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes trade receivables, accrued receivables and certain other receivables.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=22 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(4)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Represents restricted cash.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=22 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(5)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Represents the Company's portfolio investment.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=22 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(6)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes non-current receivables and advances.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=22 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(7)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes trade accounts payable, accrued liabilities, interest payable, certain payroll-related liabilities and current royalty obligations.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=22 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(8)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Excludes transaction costs.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=22 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(9)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes non-current royalty obligations and other non-current liabilities.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">47</font></font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_49"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:15pt;">
  <td colspan=19 valign=bottom width=88% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The carrying values and fair values of financial instruments, by class, were as follows at March 31, 2013:</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=bottom width=29% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)<sup> </sup></font></i></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Carrying Value</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Fair Value</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">At</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Available-</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Loans &amp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">FVTPL</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:5pt;">(1)</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">for-Sale</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Receivables</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">DDHR</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:5pt;">(2)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Financial assets</font></b></font><sup><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;"> </font></font></sup></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash and cash equivalents<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">260.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">260.0&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">260.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts receivable<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">384.1&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:5pt;">(3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">384.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">384.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contracts in progress: assets<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">265.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">265.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">265.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Derivative financial assets<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other assets<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">4.1&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:5pt;">(4)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1.3&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:5pt;">(5)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">105.9&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:5pt;">(6)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">111.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">119.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">269.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">755.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,036.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,044.7&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=18% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Carrying Value</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Fair Value</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">At</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Financial</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">FVTPL</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:5pt;">(1)</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Liabilities</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">DDHR</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:5pt;">(2)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Financial liabilities</font></b></font><sup><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;"> </font></font></sup></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts payable and accrued liabilities<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">501.0&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:5pt;">(7)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">501.0&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">501.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total provisions<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">29.7&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">29.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">29.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total long-term debt<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,078.6&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:5pt;">(8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,078.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,117.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other non-current liabilities<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">192.5&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:5pt;">(9)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">192.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">192.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Derivative financial liabilities<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">5.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">14.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">20.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">20.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=29% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,801.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,821.9&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,860.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:6pt;">
  <td valign=bottom width=29% style="background:white;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=23 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(1)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> FVTPL: Fair value through profit and loss.</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=23 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(2)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> DDHR: Derivatives designated in a hedge relationship.</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=23 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(3)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes trade receivables, accrued receivables and certain other receivables.</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=23 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(4)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Represents restricted cash.</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=23 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(5)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Represents the Company's portfolio investments.</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=23 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(6)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes non-current receivables and advances.</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=23 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(7)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes trade accounts payable, accrued liabilities, interest payable, certain payroll-related liabilities and current royalty obligations.</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=23 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(8)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Excludes transaction costs.</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=23 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(9)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes non-current royalty obligations and other non-current liabilities.</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company did not elect to voluntarily designate any financial instruments at FVTPL; moreover, there have not been any changes to the classification of the financial instruments since inception.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">As part of its financing transactions, the Company, through its subsidiaries, has pledged certain financial assets including cash and cash equivalents, accounts receivable and other assets. As at </font></font><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">March 31, 2014</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, the aggregate carrying value of these pledged financial assets amounted to $149.2 million (</font></font><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">2013&nbsp;</font></font><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;"> &nbsp;</font></b></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211; $55.8 million).</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 2pt;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Fair value hierarchy</font></b></font></p>

<p style="line-height:115%;margin:0in 0in 10pt;text-align:justify;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The fair value hierarchy reflects the significance of the inputs used in making the measurements and has the following levels:</font></font></font></p>

<p style="line-height:115%;margin:0in 0in 10pt;text-align:justify;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Level 1: &nbsp; Quoted prices (unadjusted) in active markets for identical assets or liabilities;</font></font></font></p>

<p style="line-height:115%;margin:0in 0in 0pt 34.2pt;text-align:justify;text-indent:-34.2pt;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Level 2: &nbsp; Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as </font></font></font></p>

<p style="line-height:115%;margin:0in 0in 0pt 70.2pt;text-align:justify;text-indent:-34.2pt;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">prices) or indirectly (i.e., derived from prices);</font></font></font></p>

<p style="line-height:115%;margin:0in 0in 0pt 34.2pt;text-align:justify;text-indent:-34.2pt;">&nbsp;</p>

<p style="line-height:115%;margin:0in 0in 10pt;text-align:justify;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Level 3: &nbsp; Inputs for the asset or liability that are not based on observable market data (unobservable inputs).</font></font></font></p>

<p style="line-height:115%;margin:0in 0in 10pt;text-align:justify;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Each type of fair value is categorized based on the lowest level input that is significant to the fair value measurement in its entirety.</font></font></font></p><font face=helvetica,sans-serif style="line-height:115%;">&nbsp;</font>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">48</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

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<div style="padding-left:0%;padding-right:0%;">

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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:115%;margin:0in 0in 10pt;text-align:justify;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The following table presents the financial instruments, by class, which are </font></font></font><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">recognized</font></font></font><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> at fair value in the statement of financial position:&nbsp;&nbsp; </font></font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:503.25pt;">
 <tr style="height:11.25pt;">
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)<sup> </sup></font></i></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Level 2</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Level 3</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Level 2</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Level 3</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Financial assets<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">At FVTPL<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash and cash equivalents<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">312.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">312.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">260.0&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">260.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Restricted cash<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">24.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">24.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Forward foreign currency contracts<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Embedded foreign currency derivatives<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.4&nbsp;</font></b></font></p></td>
 <td valign=top width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity swap agreements<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.6&nbsp;</font></b></font></p></td>
 <td valign=top width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Available-for-sale<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=top width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Derivatives designated in a hedge relationship<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Forward foreign currency contracts<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.1&nbsp;</font></b></font></p></td>
 <td valign=top width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign currency swap agreements<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.7&nbsp;</font></b></font></p></td>
 <td valign=top width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">5.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">5.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">351.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">352.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">279.5&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">280.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Financial liabilities<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">At FVTPL<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts payable and accrued liabilities<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contingent liabilities arising on business </font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Forward foreign currency contracts<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">9.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">9.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Embedded foreign currency derivatives<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.3&nbsp;</font></b></font></p></td>
 <td valign=top width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity swap agreements<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=top width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=30% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Derivatives designated in a hedge relationship<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
 <td valign=top width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Forward foreign currency contracts<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">29.6&nbsp;</font></b></font></p></td>
 <td valign=top width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">29.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign currency swap agreements<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=top width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Interest rate swap agreements<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.7&nbsp;</font></b></font></p></td>
 <td valign=top width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">5.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">5.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">43.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">47.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">20.1&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">20.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:6pt;">
  <td valign=bottom width=3% style="background:white;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Changes in Level 3 financial instruments are as follows:</font></font></p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=71% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Balance, beginning of year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total realized and unrealized (losses) gains:</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=71% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Included in income</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=71% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Included in OCI</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Issued and settled</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(4.2)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=74% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Balance, end of year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(2.7)</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.3&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 2pt;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9pt;">Level 3 input sensitivity analysis</font></i></b></font></p>

<p style="margin:0in 0in 0pt;page-break-after:auto;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;font-weight:normal;">For the Company&#8217;s contingent liabilities arising on business combination, the determination of the discount rate and the expected future cash flows has the most significant impact on the valuation. A reasonably possible 1% increase/decrease in the discount rate or a 10% decrease/increase in the expected future cash flows would not have a significant impact on the Company&#8217;s net income.</font></font></p>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">49</font></font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_51"></a>

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<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:503.25pt;">
 <tr style="height:12.75pt;">
  <td colspan=2 valign=top width=61% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:9pt;">Fair value hierarchy of items at amortized cost</font></i></b></font><sup><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;"> </font></font></sup></p></td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=11 valign=top width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The following table presents the fair value hierarchy of assets and liabilities carried at amortized cost but for which fair value is disclosed:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=11 valign=top width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=58% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=61% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)<sup> </sup></font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=58% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Level 2</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Level 3</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=61% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Financial assets<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=58% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts receivable<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">431.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">431.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=58% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contracts in progress<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">256.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">256.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=58% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other assets<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=58% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Investment in finance leases<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">38.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">38.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=58% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">88.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">88.8&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#636363 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=58% style="background:white;border-bottom:#636363 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#636363 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#636363 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">38.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#636363 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#636363 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">776.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#636363 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#636363 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">815.3&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=58% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=61% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Financial liabilities</font></b></font><sup><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;"> </font></font></sup></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=58% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts payable and accrued liabilities<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">532.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">532.3&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=58% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Provisions<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">28.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">28.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=58% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Long-term debt<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,251.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,251.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=58% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other liabilities<sup> </sup></font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">223.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">223.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=58% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,251.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">783.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,035.8&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:6pt;">
  <td valign=bottom width=3% style="background:white;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=58% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:avoid;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 30 &#8211; FINANCIAL RISK MANAGEMENT</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Due to</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> the nature of the activities that the Company carries out and as a result of holding financial instruments, the Company is exposed to credit risk, liquidity risk and market risk, including foreign currency risk and interest rate risk. The Company&#8217;s exposure to credit risk, liquidity risk and market risk is managed within risk management parameters approved by the board of directors. These risk management parameters remain unchanged since the previous period, unless otherwise indicated.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 3pt;page-break-after:auto;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Credit risk</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Credit risk is defined as the Company&#8217;s exposure to a financial loss if a debtor fails to meet its obligations in accordance with the terms and conditions of its arrangements with the Company. The Company is exposed to credit risk on its accounts receivable and certain other assets through its normal commercial activities. The Company is also exposed to credit risk through its normal treasury activities on its cash and cash equivalents and derivative financial assets.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Credit risks arising from the Company&#8217;s normal commercial activities are managed in regards to customer credit risk. An allowance for doubtful accounts is established when there is a reasonable expectation that the Company will not be able to collect all amounts due according to the original terms of the receivables (See Note 4). When a trade receivable is uncollectible, it is written-off against the allowance for doubtful accounts. Subsequent recoveries of amounts previously written-off are recognized in income.</font></font></p>

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<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company&#8217;s customers are mainly established companies with publicly available credit ratings and government agencies, which facilitates risk monitoring. In addition, the Company typically receives substantial non-refundable advance payments for construction contracts. The Company closely monitors its exposure to major airlines in order to mitigate its risk to the extent possible. Furthermore, the Company&#8217;s trade receivables are not concentrated with specific customers but are held with a wide range of commercial and government organizations. As well, the Company&#8217;s credit exposure is further reduced by the sale of certain of its accounts receivable and contracts in progress assets to third-party financial institutions for cash consideration on a non-recourse basis (current financial assets program). The Company does not hold any collateral as security. The credit risk on cash and cash equivalents is mitigated by the fact that they are in place with a diverse group of major North American and European financial institutions.</font></font></p>

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<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company is exposed to credit risk in the event of non-performance by counterparties to its derivative financial instruments. The Company uses several measures to minimize this exposure. First, the Company enters into contracts with counterparties that are of high credit quality. The Company signed </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">International Swaps &amp; Derivatives Association, Inc. (ISDA)</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> Master Agreements with the majority of counterparties with whom it trades derivative financial instruments. These agreements make it possible to offset when a contracting party defaults on the agreement, for each of the transactions covered by the agreement and in force at the time of default. Also, collateral or other security to support derivative financial instruments subject to credit risk can be requested by the Company or its counterparties (or both parties, if need be) when the net balance of gains and losses on each transaction exceeds a threshold defined in the ISDA Master Agreement. Finally, the Company monitors the credit standing of counterparties on a regular basis to help minimize credit risk exposure. </font></font></p>

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<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The carrying amounts presented in Note 4 and Note 29 represent the maximum exposure to credit risk for each respective financial asset as at the relevant dates. </font></font></p>

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<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">50</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 3pt;page-break-after:auto;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Liquidity risk</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Liquidity risk is defined as the potential that the Company cannot meet its cash obligations as they become due.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company manages this risk by establishing cash forecasts, as well as long-term operating and strategic plans. The management of consolidated liquidity requires a regular monitoring of expected cash inflows and outflows which is achieved through a forecast of the Company&#8217;s consolidated liquidity position, for efficient use of cash resources. Liquidity adequacy is assessed in view of seasonal needs, growth requirements and capital expenditures, and the maturity profile of indebtedness, including off-balance sheet obligations. The Company manages its liquidity risk to maintain sufficient liquid financial resources to fund its operations and meet its commitments and obligations. In managing its liquidity risk, the Company has access to a revolving unsecured credit facility of US$550.0&nbsp;million, with an option, subject to the lender&#8217;s consent, to increase to a total amount of up to US$850.0 million. As well, the Company has agreements to sell certain of its accounts receivable and contracts in progress assets for an amount of up to $150.0&nbsp;million (current financial assets program). As at </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">March 31, 2014</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, $79.5 million (2013 &#8211;&nbsp;$88.6&nbsp;million) of specific accounts receivable and $4.2 million (2013 &#8211; $3.1 million) of contracts in progress assets were sold to financial institutions pursuant to these agreements. Proceeds were net of $1.1&nbsp;million in fees (2013 &#8211; $1.6&nbsp;million). The Company also regularly monitors any financing opportunities to optimize its capital structure and maintain appropriate financial flexibility.</font></font></p>

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<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The following tables present a maturity analysis based on contractual maturity date, of the Company&#8217;s financial liabilities based on expected cash flows. Cash flows from derivatives presented either as derivative assets or liabilities have been included, as the Company manages its derivative contracts on a gross basis. The amounts are the contractual undiscounted cash flows. All amounts contractually denominated in foreign currency are presented in Canadian dollar equivalent amounts using the period-end spot rate except as otherwise stated:</font></font></p>

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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">As at March 31, 2014<sup> </sup></font></i></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Carrying</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Contractual</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0-12</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">13-24</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">25-36</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">37-48</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">49-60</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)<sup> </sup></font></i></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Amount</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Cash Flows</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Months</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Months</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Months</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Months</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Months</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Thereafter</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=6 valign=bottom width=24% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Non-derivative financial</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=19% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">liabilities<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts payable<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=15% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">and accrued liabilities <sup>(1) </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">530.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">530.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">530.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total provisions<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">28.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">28.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">22.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total long-term debt<sup> (2)</sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,173.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,764.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">102.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">156.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">89.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">127.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,188.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other non-current liabilities<sup> (3) (4)</sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">197.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">390.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">35.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">13.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">16.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">17.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">308.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,929.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,713.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">654.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">138.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">170.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">106.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">144.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,499.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=5 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Derivative financial </font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=19% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">instruments<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Forward foreign </font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=15% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">currency contracts<sup> (4)</sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">34.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Outflow<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,215.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">870.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">233.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">41.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">43.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">19.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Inflow<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1,179.5)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(850.0)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(222.8)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(40.4)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(40.9)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(19.0)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.4)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Swap derivatives on total<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=15% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">long-term debt<sup> (5)</sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.0)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Outflow<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">121.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">9.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">52.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Inflow<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(124.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(14.8)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(15.4)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(15.4)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(14.7)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(10.2)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(53.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity swap agreement<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.6)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.6)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.6)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">29.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">30.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">18.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">11.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(1.2)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,958.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,743.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">672.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">149.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">171.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">107.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">144.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,498.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:6pt;">
  <td valign=bottom width=2% style="background:white;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=29 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(1)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes trade accounts payable, accrued liabilities, interest payable and certain payroll-related liabilities.</font></font></p></td>
 </tr>
<tr style="height:9.75pt;">
  <td colspan=29 valign=bottom width=100% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(2)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Contractual cash flows include contractual interest and principal payments related to debt obligations and excludes transaction costs.</font></font></p></td>
 </tr>
<tr style="height:9.75pt;">
  <td colspan=29 valign=bottom width=100% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(3)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes non-current royalty obligations and other non-current liabilities.</font></font></p></td>
 </tr>
<tr style="height:9.75pt;">
  <td colspan=29 valign=bottom width=100% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(4)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes forward foreign currency contracts, but excludes all embedded derivatives, either presented as derivative liabilities or derivative assets. </font></font></p></td>
 </tr>
<tr style="height:9pt;">
  <td valign=bottom width=2% style="background:white;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td colspan=28 valign=bottom width=98% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">Outflows and inflows are presented in CAD equivalent using the contractual forward foreign currency rate.</font></font></p></td>
 </tr>
<tr style="height:9.75pt;">
  <td colspan=29 valign=bottom width=100% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(5)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes interest rate swap and cross currency swaps designated as cash flow hedges either presented as derivative liabilities or derivative assets. </font></font></p></td>
 </tr>
<tr style="height:9.75pt;">
  <td colspan=29 valign=bottom width=100% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
</table></div>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">51</font></font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_53"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=5 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">As at March 31, 2013<sup> </sup></font></i></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Carrying</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-right:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contractual</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0-12</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13-24</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">25-36</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">37-48</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">49-60</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=5 valign=bottom width=21% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)<sup> </sup></font></i></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Amount</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash Flows</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Months</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Months</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Months</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Months</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Months</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Thereafter</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=6 valign=bottom width=24% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Non-derivative financial</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=19% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">liabilities<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts payable and </font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=15% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">accrued liabilities <sup>(1)</sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">501.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">501.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">501.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total provisions<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">29.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">30.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">26.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total long-term debt<sup> (2)</sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,078.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,555.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">108.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">90.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">83.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">133.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">69.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,070.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other non-current liabilities<sup> (3)</sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">192.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">396.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">15.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">31.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">13.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">15.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">320.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1,801.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2,483.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">636.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">106.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">116.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">147.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">86.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,390.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=5 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Derivative financial </font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=19% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">instruments<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Forward foreign </font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=15% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">currency contracts<sup> (4)</sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Outflow<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">682.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">519.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">64.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">56.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">18.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">22.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Inflow<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(681.6)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(520.2)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(63.5)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(55.9)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(18.8)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(22.0)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.2)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Swap derivatives on total<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=15% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">long-term debt<sup> (5)</sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Outflow<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">131.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">13.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">61.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Inflow<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(127.0)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(12.6)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(13.8)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(14.3)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(14.2)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(13.5)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(58.6)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity swap agreement<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">5.3&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.3)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.3)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,805.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2,488.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">637.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">108.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">116.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">147.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">85.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,393.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:6pt;">
  <td valign=bottom width=2% style="background:white;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=29 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(1)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes trade accounts payable, accrued liabilities, interest payable and certain payroll-related liabilities.</font></font></p></td>
 </tr>
<tr style="height:9.75pt;">
  <td colspan=29 valign=bottom width=100% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(2)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Contractual cash flows include contractual interest and principal payments related to debt obligations and excludes transaction costs.</font></font></p></td>
 </tr>
<tr style="height:9.75pt;">
  <td colspan=29 valign=bottom width=100% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(3)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes non-current royalty obligations and other non-current liabilities.</font></font></p></td>
 </tr>
<tr style="height:9.75pt;">
  <td colspan=29 valign=bottom width=100% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(4)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes forward foreign currency contracts, but excludes all embedded derivatives, either presented as derivative liabilities or derivative assets. </font></font></p></td>
 </tr>
<tr style="height:9pt;">
  <td valign=bottom width=2% style="background:white;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=28 valign=bottom width=98% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">Outflows and inflows are presented in CAD equivalent using the contractual forward foreign currency rate.</font></font></p></td>
 </tr>
<tr style="height:9.75pt;">
  <td colspan=29 valign=bottom width=100% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(5)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Includes interest rate swap and cross currency swap contracts either designated as cash flow hedges or as fair value hedges of long-term debt either presented</font></font></p></td>
 </tr>
<tr style="height:9pt;">
  <td valign=bottom width=2% style="background:white;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=28 valign=bottom width=98% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">as derivative liabilities or derivative assets.</font></font></p></td>
 </tr>
<tr style="height:9.75pt;">
  <td colspan=29 valign=bottom width=100% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 2pt;page-break-after:auto;"><font color=windowtext face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;font-style:normal;">Market risk</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Market risk is defined as the Company&#8217;s exposure to a gain or a loss in the value of its financial instruments as a result of changes in market prices, whether those changes are caused by factors specific to the individual financial instruments or its issuer, or factors affecting all similar financial instruments traded in the market. The Company is mainly exposed to foreign currency risk and interest rate risk.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Derivative instruments are utilized by the Company to manage market risk against the volatility in foreign exchange rates, interest rates and share-based payments in order to minimize their impact on the Company&#8217;s results and financial position. The Company&#8217;s policy is not to utilize any derivative financial instruments for trading or speculative purposes.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 2pt;page-break-after:auto;text-align:justify;"><font color=windowtext face=helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9pt;">Foreign currency risk </font></i></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Foreign currency risk is defined as the Company&#8217;s exposure to a gain or a loss in the value of its financial instruments as a result of fluctuations in foreign exchange rates. The Company is exposed to foreign exchange rate variability primarily in relation to certain sale commitments, expected purchase transactions and debt denominated in a foreign currency, as well as on the net investment from its foreign operations which have functional currencies other than the Canadian dollar (in particular the U.S. dollar (USD), euro (&#8364;) and British pound (GBP or &#163;)). In addition, these operations have exposure to foreign exchange rates primarily through cash and cash equivalents and other working capital accounts denominated in currencies other than their functional currencies.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company also mitigates foreign currency risks by having its foreign operations transact in their functional currency for material procurement, sale contracts and financing activities.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company uses forward foreign currency contracts and foreign currency swap agreements to manage the Company&#8217;s exposure from transactions in foreign currencies and to synthetically modify the currency of exposure of certain financial position items. These transactions include forecasted transactions and firm commitments denominated in foreign currencies.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">52</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_54"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=16 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The consolidated forward foreign currency contracts outstanding are as follows:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=51% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions, except average rate)</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Notional</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Average</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Notional</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Average</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=51% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Currencies (sold/bought)</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Amount</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:5pt;">(1)</font></b></font></p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Rate</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Amount</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=top width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:5pt;">(1)</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Rate</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">USD/CDN</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less than 1 year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">462.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.93&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">560.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.98&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 1 and 3 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">126.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.94&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">80.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.98&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 3 and 5 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">20.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.95&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">18.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.98&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Over 5 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.94&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.97&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">CDN/EUR</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less than 1 year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">29.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.52&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">17.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.32&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 1 and 3 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">10.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.40&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 3 and 5 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.40&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">EUR/CDN</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less than 1 year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">56.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.68&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">53.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.75&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 1 and 3 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">39.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.72&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">22.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.77&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 3 and 5 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.73&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.72&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">EUR/USD</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less than 1 year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">62.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.72&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">55.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.75&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">GBP/CDN</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less than 1 year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">37.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.59&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">47.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.63&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 1 and 3 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">23.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.61&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">26.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.62&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 3 and 5 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.61&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.62&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">CDN/GBP</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less than 1 year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">16.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.82&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.56&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 1 and 3 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.74&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.60&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">CDN/USD</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less than 1 year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">80.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.11&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">101.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.03&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 1 and 3 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">14.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.10&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.11&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 3 and 5 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.08&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">GBP/USD</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less than 1 year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">41.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.62&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">15.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.67&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 1 and 3 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.65&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.65&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 3 and 5 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">14.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.65&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.65&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">USD/EUR</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less than 1 year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">8.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.37&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">18.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.31&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">SEK/USD</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less than 1 year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.61&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.56&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 1 and 3 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">36.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.65&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">22.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.68&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Other currencies</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Less than 1 year</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">64.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">33.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 1 and 3 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">21.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Between 3 and 5 years</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">25.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">8.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=51% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,213.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,165.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:6pt;">
  <td valign=bottom width=3% style="background:white;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=48% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:12pt;">
  <td colspan=8 valign=bottom width=76% style="background:white;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(1)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;"> Exchange rates as at the end of the respective fiscal years were used to translate amounts in foreign currencies.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
</table></div>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">53</font></font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_55"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company has entered into foreign currency swap agreements related to its June 2007 senior collateralized financing, to convert a portion of the USD-denominated debt into GBP to finance its civil aviation training centre in the United Kingdom. The Company designated two USD to GBP foreign currency swap agreements as cash flow hedges with outstanding notional amounts of US$0.4&nbsp;million (&#163;0.2 million) (2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> US$1.8&nbsp;million (&#163;0.9&nbsp;million)) and US$17.0 million (&#163;8.5 million) (2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> US$17.0&nbsp;million (&#163;8.5&nbsp;million)), amortized in accordance with the repayment schedule of the debt until June&nbsp;2014 and June&nbsp;2018 respectively.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In fiscal 2013, the Company entered into interest-only cross currency swap agreements related to its multi-tranche private placement debt issued in December 2012, to effectively fix the USD-denominated interest cash flows in CAD equivalent. The Company designated two USD to CAD interest-only currency swap agreements as cash flow hedges with outstanding notional amounts of </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">US$127.0 million ($130.5 million) (2013 &#8211; US$127.0 million [$130.5 million]) and </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">US$98.0&nbsp;million ($100.7&nbsp;million) <br>(2013&nbsp;&#8211;&nbsp;US$98.0&nbsp;million [$100.7&nbsp;million]) corresponding to the two tranches of the private placement until December 2024 and December 2027 respectively.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company&#8217;s foreign currency hedging programs are typically unaffected by changes in market conditions, as related derivative financial instruments are generally held until their maturity, consistent with the objective to fix currency rates on the hedged item.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-CA style="font-size:9pt;">Foreign currency risk sensitivity analysis </font></i></font></p>

<p style="line-height:9.5pt;margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The following table presents the Company&#8217;s exposure to foreign currency risk of financial instruments and the pre-tax effects on net income and OCI as a result of a reasonably possible strengthening of 5% in the relevant foreign currency against the Canadian dollar as at March&nbsp;31. This analysis assumes all other variables remain constant.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:749pt;">
 <tr style="height:10.5pt;">
  <td colspan=2 valign=bottom width=25% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td colspan=5 valign=bottom width=23% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">USD</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=24% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8pt;">&#8364;</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=5 valign=bottom width=23% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">GBP</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:10.5pt;">
  <td valign=bottom width=3% style="background:white;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-right:#5a5a5a 1pt solid;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:10.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=25% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Income</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">OCI</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;border-right:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Income</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">OCI</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Income</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">OCI</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=25% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(6.4)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(19.3)</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-right:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(2.0)</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.1)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.2)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=25% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.2)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(20.6)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#777777 1.5pt solid;border-right:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.6)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.2)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.8)</font></font></p></td>
 </tr>
<tr>
  <td width=3%>&nbsp;</td>
 <td width=22%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">A reasonably possible weakening of 5% in the relevant foreign currency against the Canadian dollar would have an opposite impact on pre-tax income and OCI.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:9pt;">Interest rate risk</font></i></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Interest rate risk is defined as the Company&#8217;s exposure to a gain or a loss to the value of its financial instruments as a result of fluctuations in interest rates. The Company bears some interest rate fluctuation risk on its floating rate long-term debt and some fair value risk on its fixed interest long-term debt. The Company mainly manages interest rate risk by fixing project-specific floating rate debt in order to reduce cash flow variability. The Company has a floating rate debt through its revolving unsecured credit facility and other asset-specific floating rate debts. A mix of fixed and floating interest rate debt is sought to reduce the net impact of fluctuating interest rates. Derivative financial instruments used to synthetically convert interest rate exposures are mainly interest rate swap agreements. </font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">As at </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">March 31, 2014</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, the Company has entered into eight interest rate swap agreements with seven different financial institutions to mitigate these risks for a total notional value of $36.0 million (2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> $36.4 million). After considering these swap agreements, as at </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">March 31, 2014</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, 84% (2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> 83%) of the long-term debt bears fixed interest rates.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company&#8217;s interest rate hedging programs are typically unaffected by changes in market conditions, as related derivative financial instruments are generally held until their maturity to establish asset and liability management matching, consistent with the objective to reduce risks arising from interest rate movements. As a result, the changes in variable interest rates do not have a significant impact on net income and OCI.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-CA style="font-size:9pt;">Interest rate risk sensitivity analysis</font></i></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In fiscal 2014 and fiscal 2013, a 1% increase/decrease in interest rates would not have a significant impact on the Company&#8217;s net income and OCI assuming all other variables remained constant.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 2pt;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Hedge of share-based payments cost</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company has entered into equity swap agreements with two major Canadian financial institutions to reduce its income exposure to fluctuations in its share price relating to the DSU and LTI-DSU programs. Pursuant to the agreement, the Company receives the economic benefit of dividends and share price appreciation while providing payments to the financial institutions for the institution&#8217;s cost of funds and any share price depreciation. The net effect of the equity swaps partly offset movements in the Company&#8217;s share price impacting the cost of the DSU and LTI-DSU programs and is reset quarterly. As at </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">March 31, 2014</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, the equity swap agreements covered 2,400,000 common shares (2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> 2,706,816) of the Company.</font></font></p>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Hedge of net investments in foreign operations</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">As at </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">March 31, 2014</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, the Company has designated a portion of its senior notes totalling US$417.8&nbsp;million (2013&nbsp;</font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;US$417.8&nbsp;million) and a portion of the sale lease back obligation totalling US$16.1 million (2013 </font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> US$17.9 million) as a hedge of its net investments in foreign operations. Gains or losses on the translation of the designated portion of its senior notes are recognized in OCI to offset any foreign exchange gains or losses on translation of the financial statements of foreign operations.</font></font></p>

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<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">54</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Letters of credit and guarantees</font></b></font></p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">As at </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">March 31, 2014</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, the Company had outstanding letters of credit and performance guarantees in the amount of $191.4&nbsp;million (2013&nbsp;</font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;$198.7&nbsp;million) issued in the normal course of business. These guarantees are issued mainly under the Revolving Term Credit Facility as well as the Performance Securities Guarantee (PSG) account provided by Export Development Corporation (EDC) and under other standby facilities available to the Company through various financial institutions.</font></font></p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The advance payment guarantees are related to progress/milestone payments made by the Company&#8217;s customers and are reduced or eliminated upon delivery of the product. The contract performance guarantees are linked to the completion of the intended product or service rendered by the Company and to the customer&#8217;s requirements. It represents 10% to 20% of the overall contract amount. The customer releases the Company from these guarantees at the signing of a certificate of completion. The letter of credit for the lease obligation provides credit support for the benefit of the owner participant on a sale and leaseback transaction and varies according to the payment schedule of the lease agreement.</font></font></p>

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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font><sup><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;"> </font></b></font></sup></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Advance payment<sup> </sup></font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">40.6&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">59.0&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contract performance<sup> </sup></font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">31.2&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.7&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Lease obligation<sup> </sup></font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">26.7&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">24.2&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Financial obligations<sup> </sup></font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">81.9&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">93.1&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other<sup> </sup></font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">11.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">7.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 width=52% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td width=20% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">191.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">198.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:3pt;">
  <td valign=bottom width=3% style="background:white;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=49% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:3pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr>
  <td width=3%>&nbsp;</td>
 <td width=49%>&nbsp;</td>
 <td width=20%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 2pt;page-break-after:auto;text-align:justify;"><font color=windowtext face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;font-style:normal;">Sale and leaseback transactions</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">For certain sale and leaseback transactions, the Company has agreed to guarantee the residual value of the underlying equipment in the event that the equipment is returned to the lessor and the net proceeds of any eventual sale do not cover the guaranteed amount. The maximum amount of exposure is $14.5&nbsp;million (2013&nbsp;</font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8211;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;$14.5&nbsp;million), of which $9.6&nbsp;million matures in fiscal year 2020 and $4.9&nbsp;million in fiscal year 2023. Of this amount, as at </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">March 31, 2014</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, $12.1&nbsp;million is recorded as a deferred gain (2013&nbsp;</font></font><font face=arial,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#8209;</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;$12.4&nbsp;million).&nbsp;</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in;page-break-after:auto;text-align:justify;"><font color=windowtext face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;font-style:normal;">Indemnifications</font></b></font></p>

<p style="margin:0in 0in 6pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In certain instances when the Company sells businesses, it may retain certain liabilities for known exposures and provide indemnification to the buyer with respect to future claims for certain unknown liabilities that exist, or arise from events occurring, prior to the sale date, including liabilities for taxes, legal matters, environmental exposures, product liability, and other obligations. The terms of the indemnifications vary in duration, from one to two years for certain types of indemnities, terms for tax indemnifications that are generally aligned to the applicable statute of limitations for the jurisdiction in which the divestiture occurred, and terms for environmental liabilities that typically do not expire. The maximum potential future payments that the Company could be required to make under these indemnifications are either contractually limited to a specified amount or unlimited. The Company believes that other than the liabilities already accrued, the maximum potential future payments that it could be required to make under these indemnifications are not determinable at this time, as any future payments would be dependent on the type and extent of the related claims, and all available defences, which cannot be estimated. However, historically, costs incurred to settle claims related to these indemnifications have not been material to the Company&#8217;s consolidated financial position, net income or cash flows.</font></font></p>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">55</font></font></font></p></div></div>

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

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<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 6pt;page-break-after:auto;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 31 &#8211; OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company elected to organize its businesses based principally on products and services. </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. </font></font><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company manages operations through its five segments</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> (see Note 1). </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 2pt;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Results by segment</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The profitability measure employed by the Company for making decisions about allocating resources to segments and assessing segment performance is operating profit (hereinafter referred to as segment operating income). The accounting principles used to prepare the information by operating segments are the same as those used to prepare the Company&#8217;s consolidated financial statements. Transactions between operating segments are mainly simulator transfers from the SP/C segment to the TS/C segment, which are recorded at cost. The method used for the allocation of assets jointly used by operating segments and costs and liabilities jointly incurred (mostly corporate costs) between operating segments is based on the level of utilization when determinable and measurable, otherwise the allocation is based on a proportion of each segment&#8217;s cost of sales.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:508.5pt;">
 <tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Year ended March 31, 2014</font></i></font></p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">TS/C</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">SP/C</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Civil</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">SP/M</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">TS/M</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Military</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">NCM</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">External revenue</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">715.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">461.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,176.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">529.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">292.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">822.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">116.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,114.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Depreciation and amortization</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Property, plant and equipment</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">80.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">85.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">7.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">10.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">99.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Intangible and other assets</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">17.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">7.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">24.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">9.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">21.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">31.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">11.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">67.6&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Impairment and reversal of impairment</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">of non-financial assets (Note 20)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.6&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Write-downs and reversals of </font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">write-downs of inventories (Note 5)</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Write-downs and reversals of </font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">write-downs of accounts receivable</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.1)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.0&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">After tax share in profit of equity</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">accounted investees</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">18.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">18.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(0.2)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">11.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">11.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">30.0&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Segment operating income</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">96.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">83.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">179.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">77.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">30.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">107.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">291.8&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Year ended March 31, 2013</font></i></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">TS/C</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">SP/C</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Civil</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">SP/M</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">TS/M</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Military</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">NCM</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#7f7f7f 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">External revenue</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">659.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">456.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,116.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">562.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">244.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">806.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">112.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2,035.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Depreciation and amortization</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Property, plant and equipment</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">74.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">79.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">93.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Intangible and other assets</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">18.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">22.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">10.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">17.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">9.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">48.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Write-downs and reversals of </font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">write-downs of inventories (Note 5)</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.2)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.1)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.2)</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Write-downs and reversals of </font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">write-downs of accounts receivable</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">After tax share in profit of equity</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">accounted investees</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">20.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=26% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Segment operating income</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">88.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">188.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">80.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">27.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">107.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">302.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:2.25pt;">
  <td valign=bottom width=3% style="background:white;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">56</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:9.5pt;">Operating profit</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The following table provides a reconciliation between total segment operating income and operating profit:</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#7f7f7f 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#7f7f7f 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Total segment operating income</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">291.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">302.7&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Restructuring, integration and acquisition costs (Note 22)</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(68.7)</font></font></p></td>
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  <td colspan=2 valign=bottom width=74% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Operating profit</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">291.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#7f7f7f 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">234.0&nbsp;</font></font></p></td>
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<tr>
  <td width=3%>&nbsp;</td>
 <td width=71%>&nbsp;</td>
 <td width=4%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
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<p style="margin:0in 0in 0pt;">&nbsp;</p>

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   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Capital expenditures which consist of additions to non-current assets (other than financial instruments and deferred tax assets), by segment are as follows:</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=21% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">TS/C</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">137.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">91.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">SP/C</font></font></p></td>
 <td valign=bottom width=21% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">31.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">25.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">SP/M</font></font></p></td>
 <td valign=bottom width=21% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">22.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">31.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">TS/M</font></font></p></td>
 <td valign=bottom width=21% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">20.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">14.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=53% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">NCM</font></font></p></td>
 <td valign=bottom width=21% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">16.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">12.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=53% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total capital expenditures</font></font></p></td>
 <td valign=bottom width=21% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">227.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">174.9&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 2pt;page-break-after:auto;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Assets and liabilities employed by segment</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The Company uses assets employed and liabilities employed to assess resources allocated to each segment. Assets employed include accounts receivable, contracts in progress, inventories, prepayments, property, plant and equipment, intangible assets, investment in equity accounted investees, derivative financial assets and other assets. Liabilities employed include accounts payable and accrued liabilities, provisions, contracts in progress, deferred gains and other non-current liabilities and derivative financial liabilities. </font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:12.75pt;">
  <td colspan=10 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Assets and liabilities employed by segment are reconciled to total assets and liabilities as follows:</font></font></p></td>
 </tr>
<tr style="height:12pt;">
  <td valign=bottom width=64% style="background:white;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Assets employed</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">TS/C</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,946.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,697.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">SP/C</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">417.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">326.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">SP/M</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">584.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">579.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">TS/M</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">403.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">303.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">NCM</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">272.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">249.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Assets not included in assets employed</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">611.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">534.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:9pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#5a5a5a 1pt solid;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total assets</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">4,236.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3,691.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Liabilities employed</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">TS/C</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">243.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">232.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">SP/C</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">344.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">270.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">SP/M</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">229.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">253.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">TS/M</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">191.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">151.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">NCM</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">50.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">50.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Liabilities not included in liabilities employed</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,695.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,586.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=64% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total liabilities</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,754.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2,544.9&nbsp;</font></font></p></td>
 </tr>
</table></div>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">57</font></font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_59"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:12.75pt;">
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:9.5pt;">Geographic information</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The Company markets its products and services globally. Sales are attributed to countries based on the location of customers. Non-current assets other than financial instruments and deferred tax assets are attributed to countries based on the location of the assets.</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Revenue from external customers</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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<tr style="height:11.25pt;">
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=65% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">174.2&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">205.3&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=65% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">665.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">617.8&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=65% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United Kingdom</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">256.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">236.8&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=65% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Germany</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">71.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">71.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=65% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other European countries</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">374.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">320.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=65% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United Arab Emirates</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">67.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">49.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=65% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">China</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">139.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">156.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=65% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other Asian countries</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">181.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">198.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=65% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Australia</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">79.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">91.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=65% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other countries</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">103.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">88.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=65% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,114.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2,035.2&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:748pt;">
 <tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=66% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=73% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-current assets other than financial instruments and deferred tax assets</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=63% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">775.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">600.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=63% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">715.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">614.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=63% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Brazil</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">82.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">83.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=63% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United Kingdom</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">335.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">285.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=63% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Luxembourg</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">168.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">144.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=63% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Netherlands</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">128.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">96.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=63% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other European countries</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">300.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">266.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=63% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Asian countries</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">74.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">47.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=63% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other countries</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">105.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">95.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=63% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,687.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2,234.7&nbsp;</font></font></p></td>
 </tr>
<tr>
  <td width=3%>&nbsp;</td>
 <td width=63%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 32 &#8211; related party relationships</font></b></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
  <td colspan=7 valign=bottom width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The following table includes principal investments which significantly impact the results or assets of the Company:</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=76% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Investments in subsidiaries consolidated in the Company&#8217;s financial statements:</font></b></font></p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">% equity</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">% equity</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=white face=helvetica,sans-serif><i><font style="font-size:7.5pt;">As at March 31</font></i></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">interest</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">interest</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Name</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Country of incorporation</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7320701 Canada Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8218765 Canada Inc</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">BGT BioGraphic Technologies Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE (UK) PLC</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United Kingdom</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE (US) Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE (US) LLC</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Aircrew Training Services PLC</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United Kingdom</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">77.9%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">77.9%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Australia Pty Ltd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Australia</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Aviation Training B.V.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Netherlands</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Aviation Training Chile Limitada</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Chile</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Aviation Training International Ltd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Mauritius</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Aviation Training Peru S.A.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Peru</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Beyss Grundst&#252;cksgesellschaft mbH</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Germany</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Brunei Multi Purpose Training Centre Sdn Bhd</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Brunei</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">60.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">60.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Center Amsterdam B.V.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Netherlands</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=FR-CA style="font-size:7.5pt;">CAE Center Brussels N.V.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Belgium</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE China Support Services Company Limited</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">China</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Civil Aviation Training Solutions, Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Delaware Buyco Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=FR-CA style="font-size:7.5pt;">CAE Dubai L.L.C.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Dubai</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">49.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Electronik GmbH</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Germany</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Engineering Korl&#225;tolt Felel&#337;ss&#233;g&#369; T&#225;rsas&#225;g</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Hungary</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=FR-CA style="font-size:7.5pt;">CAE Euroco S.&#224; r.l.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Luxembourg</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Flight &amp; Simulator Services Sdn. Bhd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Malaysia</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Flight and Simulator Services Korea, Ltd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Korea</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Flight Solutions USA Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Flight Training Center Mexico, S.A. de C.V.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Mexico</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Flightscape Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Global Academy &#201;vora, SA</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Portugal</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Healthcare Canada Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Healthcare Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Holdings B.V.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Netherlands</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Holdings Limited</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United Kingdom</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE India Private Limited</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">India</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">76.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">76.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Integrated Enterprise Solutions Australia Pty Ltd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Australia</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Integrated Enterprise Solutions USA Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE International Capital Management Hungary LLC</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Hungary</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE International Holdings Limited</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Investments S.&#224; r.l.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Luxembourg</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Japan Flight Training Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Japan</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Labuan Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Malaysia</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=FR-CA style="font-size:7.5pt;">CAE Luxembourg Acquisition, S.&#224; r.l.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Luxembourg</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Luxembourg Financing, S.&#224; r.l.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Luxembourg</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=FR-CA style="font-size:7.5pt;">CAE Management Luxembourg S.&#224; r.l.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Luxembourg</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Melbourne Flight Training Pty Ltd</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Australia</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Mining Canada Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Mining Corporate Limited</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United Kingdom</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Mining Holdings Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE North East Training Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Oxford Aviation Academy Amsterdam B.V.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Netherlands</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Oxford Aviation Academy Phoenix Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Services (Canada) Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Services GmbH</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Germany</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Services Italia S.r.l.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Italy</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=FR-CA style="font-size:7.5pt;">CAE Servicios Globales de Instrucci&#243;n de Vuelo (Espa&#241;a), S.L.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Spain</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Shanghai Company, Limited</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">China</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE SimuFlite Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=FR-CA style="font-size:7.5pt;">CAE Simulation Technologies Private Limited</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">India</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Simulator Services Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Singapore (S.E.A.) Pte Ltd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Singapore</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE South America Flight Training do Brasil Ltda.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Brazil</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE STS Limited </font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United Kingdom</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Training &amp; Services Brussels NV</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Belgium</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Training &amp; Services UK Ltd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United Kingdom</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Training Aircraft B.V.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Netherlands</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Training Norway AS</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Norway</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE USA Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Verwaltungsgesellschaft mbH</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Germany</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Engenuity Holdings (USA) Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Flight Simulator-Capital L.P.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Flight Training Device (Mauritius) Ltd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Mauritius</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">GCAT Flight Academy Germany GmbH</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Germany</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">GCAT Flight Academy Malta Ltd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Malta</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">International Flight School (Mauritius) Ltd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Mauritius</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Invertron Simulators PLC</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United Kingdom</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Kestrel Technologies Pte Ltd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Singapore</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Oxford Aviation Academy European Holdings AB</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Sweden</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Oxford Aviation Academy Finance Ltd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Ireland</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Oxford Aviation Academy Ireland Holdings Ltd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Ireland</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Oxford Aviation Academy (Oxford) Ltd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United Kingdom</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Oxford Aviation Academy Norway Holdings AS</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Norway</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Presagis Canada Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Canada</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Presagis Europe (S.A.)</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">France</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Presagis USA Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font lang=FR-CA style="font-size:7.5pt;">Servicios de Instrucci&#243;n de Vuelo, S.L.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Spain</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">80.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">80.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Simubel N.V. (a CAE Aviation Training Company)</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Belgium</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:12.75pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Simulator Sevicios Mexico, S.A. de C.V.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Mexico</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
<tr style="height:12.75pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">SIV Ops Training, S.L.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Spain</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">100.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">100.0%</font></font></p></td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">58</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_60"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:502.5pt;">
 <tr style="height:11.25pt;">
  <td colspan=3 valign=bottom width=76% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Investments in joint ventures accounted for under the equity method:</font></b></font></p></td>
 <td valign=bottom width=11% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=47% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">% equity</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">% equity</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=white face=helvetica,sans-serif><i><font style="font-size:7.5pt;">As at March 31</font></i></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">interest</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">interest</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Name</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Country of incorporation</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Asian Aviation Centre of Excellence Sdn. Bhd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Malaysia</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">50.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">50.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Flight Training (India) Private Limited</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">India</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">50.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">50.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE Japan Flight Training Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Japan</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">-&nbsp;</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">51.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">CAE-Lider Training do Brasil Ltda.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Brazil</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">50.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">50.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">China Southern West Australia Flying College Pty Ltd.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Australia</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">47.1%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">47.1%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Embraer CAE Training Services (UK) Limited</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United Kingdom</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">49.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">49.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Embraer CAE Training Services, LLC</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">49.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">49.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Emirates-CAE Flight Training LLC</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United Arab Emirates</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">49.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">49.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Hatsoff Helicopter Training Private Limited</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">India</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">50.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">50.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Helicopter Training Media International GmbH</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Germany</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">50.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">50.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">HFTS Helicopter Flight Training Services GmbH</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Germany</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">25.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">25.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">National Flying Training Institute Private Limited</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">India</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">51.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">51.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Philippine Academy for Aviation Training Inc.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Philippine</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">50.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">50.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Rotorsim s.r.l.</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Italy</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">50.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">50.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Rotorsim USA LLC</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">United States</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">50.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">50.0%</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=2 valign=bottom width=50% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Zhuhai Xiang Yi Aviation Technology Company Limited</font></font></p></td>
 <td valign=bottom width=26% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">China</font></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">49.0%</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">49.0%</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In fiscal 2014, the unrecognized share of losses of joint ventures for which the Company has ceased to recognize its share of losses when applying the equity method was $1.6 million (2013 - $1.9 million). The cumulative unrecognized share of losses for these entities was $8.9 million at March 31, 2014 (2013 - $7.3 million, April 1, 2012 - $5.4 million). The cumulative unrecognized share of comprehensive loss of joint ventures was $11.0 million (2013 - $11.9 million, April 1, 2012 - $9.2 million).</font></font></p>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014 | </font></font></font><font face=helvetica,sans-serif><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">59</font></font></font></p></div></div>

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<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Notes to the Consolidated Financial Statements</font></font><font>&nbsp;</font></p></div>

<p style="margin:0in 0in 6pt;page-break-after:auto;"><font color=#5f5f5f face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:10pt;text-transform:uppercase;">NOTE 33 &#8211; Related Party Transactions</font></b></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The following table presents the Company&#8217;s outstanding balances with its joint ventures:</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;">
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts receivable (Note 4)</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">30.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">49.9&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contracts in progress: assets</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">13.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">41.3&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other assets</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">30.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">34.3&nbsp;</font></font></p></td>
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  <td valign=bottom width=54% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accounts payable and accrued liabilities (Note 9)</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">16.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">25.3&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contracts in progress: liabilities</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">9.3&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Other assets include a finance lease receivable of $16.9 million (March 31, 2013 - $19.0 million) maturing in October 2022 and carrying an interest rate of </font></font><font face=arial,sans-serif><font lang=EN-US style="font-size:8.5pt;">5.14</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">% per annum, loans receivable of $8.4 million (March 31, 2013 - $10.4 million) maturing in September&nbsp;2016 and December 2017 and carrying respectively an interest rate of LIBOR 6 month plus 1% and 11% per annum and a long-term receivable of $5.3 million (March 31, 2013 &#8211; $4.9 million) with no repayment term. As at March 31, 2014 and 2013, there are no provisions held against any of the receivables from related parties.</font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The following table presents the Company&#8217;s transactions with its joint ventures:</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:505.5pt;">
 <tr style="height:11.25pt;">
  <td valign=bottom width=54% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Revenue from products and services</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">101.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">131.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=bottom width=54% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Purchases of products and services, and other</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">11.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">12.3&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;">
  <td valign=bottom width=54% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other income transactions</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.8&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">In addition, during fiscal 2014, transactions amounting to $2.7 million (2013 </font></font><font face=calibri,sans-serif><font lang=EN-US style="font-size:8.5pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> $4.3 million) were made, at normal market prices, with organizations whose partners or officers included one of the Company&#8217;s directors. </font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:115%;margin:0in 0in 2pt;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">Compensation of key management personnel</font></b></font></font></p>

<p style="line-height:115%;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Key management personnel have the ability and responsibility to make major operational, financial and strategic decisions for the Company and include certain executive officers. The compensation of key management for employee services is shown below:</font></font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:749pt;">
 <tr style="height:11.25pt;">
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   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)<sup> </sup></font></i></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2014&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2013&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Salaries and other short-term employee benefits<sup> </sup></font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.0&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Post-employment benefits<sup>(1)</sup></font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.0&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;">
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   <p style="margin:0in 0in 0pt;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Termination benefits<sup> </sup></font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;">
  <td valign=bottom width=52% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Share-based payments<sup> </sup></font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">6.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2.4&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;">
  <td valign=bottom width=52% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">14.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">8.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=52% style="background:white;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">(1)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:7pt;">Includes net interest on employee benefits obligations (Note 14)</font></font><sup><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;"> </font></font></sup></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 </tr>
<tr>
  <td width=52%>&nbsp;</td>
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</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div><font><font lang=EN-CA><br clear=all></font></font></div></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">60</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;"> | </font></font><font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Year-End Financial Results </font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8pt;">2014</font></font></p></div>

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<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>4
<FILENAME>en-mdamarch2014legal.htm
<DESCRIPTION>MD&A FOR FYE MARCH 31, 2014
<TEXT>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">&nbsp;</font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:478.800018pt;">
 <tr>
  <td colspan=2 valign=bottom width=74% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:2.0pt;"><font face=helvetica,sans-serif><b><font style="font-size:18.0pt;">Table of
  Contents</font></b></font></p>
  <p style="margin:0in;margin-bottom:2.0pt;"><font face=helvetica,sans-serif><b><font style="font-size:8.5pt;">&nbsp;</font></b></font></p>
  </td>
 <td valign=bottom width=26% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:2.0pt;text-align:right;"><font face=helvetica,sans-serif><b><font style="font-size:8.5pt;">&nbsp;</font></b></font></p>
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<tr>
  <td colspan=2 valign=bottom width=74% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Management&#8217;s Discussion and Analysis</font></b></font></p>
  </td>
 <td valign=bottom width=26% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><b><font style="font-size:8.5pt;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=7% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">1.</font></font></p>
  </td>
 <td valign=top width=67% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">HIGHLIGHTS</font></font></p>
  </td>
 <td valign=top width=26% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">1</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=7% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">2.</font></font></p>
  </td>
 <td valign=top width=67% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">INTRODUCTION</font></font></p>
  </td>
 <td valign=top width=26% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">2</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=7% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">3.</font></font></p>
  </td>
 <td valign=top width=67% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">ABOUT CAE</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">3.1    Who we are</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">3.2    Our vision</font></font></p>
  </td>
 <td valign=top width=26% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">4</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">4</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">4</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=7% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=67% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">3.3    Our strategy and value proposition</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">3.4    Our operations</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">3.5    Foreign exchange</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">3.6    Non-GAAP and other financial measures</font></font></p>
  </td>
 <td valign=top width=26% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">4</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">6</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">12</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">14</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=7% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">4.</font></font></p>
  </td>
 <td valign=top width=67% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">CONSOLIDATED RESULTS</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">4.1    Results of our operations &#8211; fourth quarter
  of fiscal 2014</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">4.2    Results of our operations &#8211; fiscal 2014</font></font></p>
  </td>
 <td valign=top width=26% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">16</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">16</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">18</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=7% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=67% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">4.3    Consolidated orders and backlog</font></font></p>
  </td>
 <td valign=top width=26% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">20</font></font></p>
  </td>
 </tr>
<tr style="height:44.1pt;">
  <td valign=top width=7% style="height:44.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">5. </font></font></p>
  </td>
 <td valign=top width=67% style="height:44.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">RESULTS BY SEGMENT</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">5.1    Civil segments</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">5.2    Military segments</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">5.3    New Core Markets </font></font></p>
  </td>
 <td valign=top width=26% style="height:44.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">21</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">22</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">26</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">30</font></font></p>
  </td>
 </tr>
<tr style="height:5.4pt;">
  <td valign=top width=7% style="height:5.4pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">6.</font></font></p>
  </td>
 <td valign=top width=67% style="height:5.4pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">CONSOLIDATED CASH MOVEMENTS AND LIQUIDITY</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">6.1    Consolidated cash movements</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">6.2    Sources of liquidity</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">6.3    Government assistance</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">6.4    Contractual obligations</font></font></p>
  </td>
 <td valign=top width=26% style="height:5.4pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">32</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">32</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">33</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">34</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">34</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=7% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">7.</font></font></p>
  </td>
 <td valign=top width=67% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">CONSOLIDATED FINANCIAL POSITION</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">7.1    Consolidated capital employed</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">7.2    Off balance sheet arrangements</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">7.3    Financial instruments</font></font></p>
  </td>
 <td valign=top width=26% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">35</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">35</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">36</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">37</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=7% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">8.</font></font></p>
  </td>
 <td valign=top width=67% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">BUSINESS COMBINATIONS</font></font></p>
  </td>
 <td valign=top width=26% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">40</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=7% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">9.</font></font></p>
  </td>
 <td valign=top width=67% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">BUSINESS RISK AND UNCERTAINTY</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">9.1    Risks relating to the industry</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">9.2    Risks relating to the Company</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">9.3    Risks relating to the market</font></font></p>
  </td>
 <td valign=top width=26% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">40</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">40</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">42</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">44</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=7% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">10.</font></font></p>
  </td>
 <td valign=top width=67% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">RELATED PARTY TRANSACTIONS</font></font></p>
  </td>
 <td valign=top width=26% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">45</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=7% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">11.</font></font></p>
  </td>
 <td valign=top width=67% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">CHANGES IN ACCOUNTING POLICIES</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">11.1  New and amended standard adopted</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">11.2  New and amended standards not yet adopted</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">11.3  Use of judgements, estimates and assumptions</font></font></p>
  </td>
 <td valign=top width=26% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">46</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">46</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">49</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">49</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=7% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">12.</font></font></p>
  </td>
 <td valign=top width=67% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0pt;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">CONTROLS AND PROCEDURES</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0pt;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">12.1  Evaluation of disclosure controls
  and procedures</font></font></p>
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">12.2  Internal control over financial reporting</font></font></p>
  </td>
 <td valign=top width=26% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">51</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">51</font></font></p>
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">51</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=7% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">13.</font></font></p>
  </td>
 <td valign=top width=67% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0pt;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">OVERSIGHT ROLE OF AUDIT COMMITTEE AND
  BOARD OF DIRECTORS</font></font></p>
  </td>
 <td valign=top width=26% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">51</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=7% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">14.</font></font></p>
  </td>
 <td valign=top width=67% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">ADDITIONAL INFORMATION</font></font></p>
  </td>
 <td valign=top width=26% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">51</font></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=7% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">15.</font></font></p>
  </td>
 <td valign=top width=67% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">SELECTED FINANCIAL INFORMATION</font></font></p>
  </td>
 <td valign=top width=26% style="height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:2.0pt;text-align:right;"><font face=helvetica,sans-serif><font style="font-size:8.5pt;">52</font></font></p>
  </td>
 </tr>
</table></div>









<div>


<p style="margin:0in;margin-bottom:.0001pt;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">&nbsp;</font></font></p>


</div>
</div><hr align="center" noshade size=2 width="100%">

<div style="page-break-before:always;">&nbsp;</div><a name="page_2"></a><div style="padding-left:0%;padding-right:0%;width:100%;">

<div>


<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">&nbsp;</font></font></p>


</div>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:16.0pt;">Management&#8217;s Discussion
and Analysis</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">for
the fourth quarter and year ended March 31, 2014</font></i></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:3.0pt;margin-left:50.1pt;margin-right:0in;margin-top:9.0pt;text-align:justify;text-indent:-50.1pt;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;">1.</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;">HIGHLIGHTS&nbsp;</font></b></font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">RESTATEMENT OF COMPARATIVES</font></b></font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;font-weight:normal;">Effective
April 1, 2013, we implemented the new IFRS 11, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;font-weight:normal;">Joint Arrangements</font></i></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;font-weight:normal;"> and
the amended IAS 19, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;font-weight:normal;">Employee Benefits</font></i></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;font-weight:normal;">. Certain comparative figures
provided for each quarter of the year ended March 31, 2013 have been restated
to reflect the adoption of these accounting standards. The adjustments to our
consolidated statements of financial position, net income, comprehensive income
and cash flows as a result of the changes are discussed further in </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;font-weight:normal;">Changes
in accounting policies</font></i></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;font-weight:normal;">.&nbsp;</font></font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">FINANCIAL</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font color=#777777 face=helvetica,sans-serif><font lang=EN-US style="font-size:9.0pt;">FOURTH
QUARTER OF FISCAL 2014</font></font></p>

<h3 style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Higher revenue
over last quarter and higher revenue over the fourth quarter of fiscal 2013</font></b></font></h3>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Consolidated revenue was $583.4 million this
quarter, $69.8 million or 14% higher than last quarter and $17.8 million or 3%
higher than the fourth quarter
of fiscal 2013.</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Higher net income
attributable to equity holders of the Company compared to last quarter and compared
to the fourth
quarter
of fiscal 2013</font></b></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Net income attributable to equity holders of the
Company was $60.0 million (or $0.23 per share) this quarter, compared to <br>
$46.1 million (or $0.18 per share) last quarter, representing an increase of
$13.9 million or 30%, and compared to $43.1 million (or $0.17 per share) in the
fourth quarter of last year,
representing an increase of $16.9 million or 39%; </font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">For the fourth quarter of fiscal 2013, restructuring,
integration and acquisition costs recorded were $13.8 million ($10.2 million
after tax). Net income before restructuring, integration and acquisition costs<sup>1</sup>
was $53.3 million (or $0.20 per share) in the fourth quarter of fiscal 2013.</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<h3 style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Positive free cash
flow<sup><a href="#_ftn1" name="_ftnref1"><font><font>[1]</font></font></a></sup> at $105.1
million this quarter</font></b></font></h3>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Net cash provided by operations was $124.3
million this quarter, compared to $17.0 million last quarter and $113.7&nbsp;million
in the fourth quarter of last
year;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Maintenance capital expenditures<sup>1</sup> and
other asset expenditures were $20.4 million this quarter, $20.0 last quarter
and $9.8&nbsp;million in the fourth quarter of last year;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Proceeds from the disposal of property, plant
and equipment were $8.5 million this quarter, $0.5 million last quarter and <br>
$1.1 million in the fourth quarter
of last year;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Cash dividends were $9.9 million this quarter,
$10.6 million last quarter and $10.2 million in the fourth
quarter of last year.</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-US style="font-size:9.0pt;">FISCAL 2014</font></font></p>

<h3 style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Higher revenue over
fiscal 2013</font></b></font></h3>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Consolidated revenue was $2,114.9 million, $79.7
million or 4% higher than last year.</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Higher net income
attributable to equity holders of the Company</font></b></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Net income attributable to equity holders of the
Company was $190.0 million (or $0.73 per share) compared to $137.7 million (or
$0.53 per share) last year, representing a $52.3 million or 38% increase;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">For fiscal 2013, restructuring, integration and
acquisition costs recorded were $68.7 million ($51.2 million after tax). Net
income before restructuring, integration and acquisition costs<sup>1</sup> was $188.9
million (or $0.73 per share) in fiscal 2013.</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<h3 style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Positive free cash
flow at $200.6 million </font></b></font></h3>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Net cash provided by operations was $276.0
million this year, compared to $154.5 million last year;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Maintenance capital expenditures and other asset
expenditures were $69.9 million this year, compared to $53.6 million last year;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Proceeds from the disposal of property, plant
and equipment were $15.4 million this year, compared to $9.2 million last year;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Cash dividends were $40.1 million this year,
compared to $37.1 million last year.</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Capital
employed<sup>1</sup> ending at $2,338.4 million</font></b></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Capital employed increased by $378.6 million or
19% this year;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Return on capital employed<sup>1 </sup>(ROCE)
was 11.4% this year compared to 10.2% last year;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Non-cash working capital<sup>1</sup> decreased
by $87.2 million in fiscal 2014, ending at $124.6 million; </font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Property, plant and equipment increased by
$198.4 million;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Other long-term assets and other long-term
liabilities increased by $303.8 million and $36.4 million respectively;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Net debt<sup>1 </sup>increased by $42.8 million
this year, ending at $856.2 million.</font></font></p>









<hr align=left size=1 width="33%">
<div id=ftn1>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a href="#_ftnref1" name="_ftn1"><font style="vertical-align:super;"><font style="vertical-align:0;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:7.0pt;">[1]</font></font></font></font></a><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:7.0pt;">
Non-GAAP and other financial measures (see Section 3.6).</font></font></p>

</div>

<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">1</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


</div>
</div><hr align="center" noshade size=2 width="100%">

<div style="page-break-before:always;">&nbsp;</div><a name="page_3"></a><div style="padding-left:0%;padding-right:0%;width:100%;">

<div>


<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></p>


</div>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:8.5pt;">ORDERS<sup>2</sup></font></b></font><sup><font style="vertical-align:super;"><font style="vertical-align:super;"><font color=white face=helvetica,sans-serif><b><font lang=FR-CA style="font-size:8.5pt;">[2]</font></b></font></font></font></sup></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The book-to-sales ratio<sup>2</sup> for the
quarter was 0.97 x (combined civil was 1.08x, combined military was 0.82x and
New Core Markets was 1.0x). The ratio for the last 12 months was 1.13x
(combined civil was 1.28x, combined military was 0.92x and New Core Markets was
1.0x);</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Total order intake this year was $2,380.3&nbsp;million, up $240.6
million over last year;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:1.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Total backlog<sup>2</sup> was $4,205.6 million
at March 31, 2014, $487.8
million higher than last year.</font></font></p>

<p style="line-height:9.5pt;margin-bottom:1.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Civil
segments</font></b></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Training &amp; Services/Civil signed contracts with an expected
value of $898.9 million;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:1.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Simulation Products/Civil won $608.4 million of
orders, including contracts for 48 full-flight simulators (FFSs).</font></font></p>

<p style="line-height:9.5pt;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="line-height:9.5pt;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&#160;Military segments</font></b></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Simulation Products/Military won $484.7 million of orders for new
training systems and upgrades;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:1.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Training &amp; Services/Military won contracts
valued at $272.1 million.</font></font></p>

<p style="line-height:9.5pt;margin-bottom:1.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">New
Core Markets segment</font></b></font></p>

<p style="line-height:9.5pt;margin-bottom:1.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">New Core Markets order intake was valued at
$116.2 million.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><b><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></b></font></p>

<p style="margin-bottom:3.0pt;margin-left:50.1pt;margin-right:0in;margin-top:9.0pt;text-align:justify;text-indent:-50.1pt;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;">2.</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;">&#160;INTRODUCTION&nbsp;</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In this report, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">we</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">us</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">,
</font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">our</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">CAE&nbsp;</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> and </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Company&nbsp;</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> refer to CAE Inc. and its
subsidiaries. Unless we have indicated otherwise:</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:2.0pt;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">This year</font></i></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> and </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">2014&nbsp;</font></i></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">
mean the fiscal year ending March&nbsp;31,&nbsp;2014;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Last year, prior year</font></i></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> and </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">a year ago </font></i></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">mean
the fiscal year ended March&nbsp;31,&nbsp;2013;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Dollar amounts are in Canadian dollars.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">This report was prepared as of May 15, 2014, and includes
our management&#8217;s discussion and analysis (MD&amp;A) for the year and the
three-month period ended March&nbsp;31,&nbsp;2014 and the consolidated
financial statements and notes for the year ended March&nbsp;31,&nbsp;2014. We
have prepared it to help you understand our business, performance and financial
condition for fiscal 2014. Except as otherwise indicated, all financial
information has been reported in accordance with International Financial Reporting
Standards (IFRS). All quarterly information disclosed in the MD&amp;A is based
on unaudited figures.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">For additional information,
please refer to our annual consolidated financial statements for this fiscal
year, which you will find in the annual report for the year ended
March&nbsp;31,&nbsp;2014. The MD&amp;A provides you with a view of CAE as seen
through the eyes of management and helps you understand the company from a
variety of perspectives:</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our vision;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our strategy and value proposition;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our operations;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Foreign exchange;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Non-GAAP and other financial measures;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Consolidated results;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Results by segment;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Consolidated cash movements and liquidity;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Consolidated financial position;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Business combinations;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Business risk and uncertainty;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Related party transactions;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Changes in accounting policies;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Controls and procedures;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Oversight role of the Audit Committee and Board
of Directors.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">You will find our most recent annual report and annual
information form (AIF) on our website at www.cae.com, on SEDAR at www.sedar.com
or on EDGAR at www.sec.gov.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>





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<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="vertical-align:super;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:7.0pt;">2</font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:7.0pt;"> Non-</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:7.0pt;">GAAP </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:7.0pt;">and other
financial measures</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:7.0pt;"> (see Section 3.6).</font></font></p>

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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">2</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


</div>
<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:9.0pt;">ABOUT MATERIAL INFORMATION</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">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></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">It results in, or would reasonably be expected to result in, a
significant change in the market price or value of our shares, or;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">It is quite likely that a reasonable investor would consider the
information to be important in making an investment decision.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:3.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:9.0pt;">CAUTION
REGARDING FORWARD-LOOKING STATEMENTS</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">This report includes
forward-looking statements about our activities, events and developments that
we expect to or anticipate may occur in the future including, for example,
statements about our vision, strategies, market trends and outlook, future
revenues, capital spending, expansions and new initiatives, financial
obligations and expected sales. Forward-looking statements normally contain
words like </font></font><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">believe</font></i></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">, </font></font><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">expect</font></i></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">, </font></font><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">anticipate</font></i></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">, </font></font><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">plan,&nbsp;</font></i></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> &nbsp;</font></font><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">intend</font></i></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">,
</font></font><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">continue</font></i></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">, </font></font><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">estimate</font></i></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">, </font></font><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">may</font></i></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">, </font></font><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">will</font></i></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">, </font></font><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">should, strategy,
future</font></i></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> and similar expressions. By their nature, forward-looking statements
require us to make assumptions and are subject to inherent risks and
uncertainties associated with our business which may cause actual results in
future periods to differ materially from results indicated in <br>
forward-looking statements. While these statements are based on management&#8217;s
expectations and assumptions regarding historical trends, current conditions
and expected future developments, as well as other factors that we believe are
reasonable and appropriate in the circumstances, readers are cautioned not to
place undue reliance on these forward-looking statements as there is a risk
that they may not be accurate.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Important risks that could cause
such differences include, but are not limited to, risks relating to the
industry such as competition, level and timing of defence spending,
government-funded military programs, constraints within the civil aviation
industry, regulatory rules and compliance and conflict mineral rules, risks
relating to CAE such as product evolution, R&amp;D activities, fixed-price and
long-term supply contracts, procurement and original equipment manufacturer (OEM)
leverage, warranty or other product-related claims, product integration,
protection of intellectual property, key personnel, environmental liabilities
and claims arising from casualty losses, integration of acquired businesses,
our ability to penetrate new markets, length of sales cycle and our reliance on
technology, and risks relating to the market such as foreign exchange,
availability of capital pension plan funding, doing business in foreign
countries and income tax laws. Additionally, differences could arise 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 in the </font></font><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Business risk and uncertainty</font></i></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> section of
the MD&amp;A. We caution readers that the risks described above are not
necessarily the only ones we face; additional risks and uncertainties that are
presently unknown to us or that we may currently deem immaterial may adversely
affect our business.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Except as required by law, we
disclaim any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise.
The forward-looking information and statements contained in this report are
expressly qualified by this cautionary statement.</font></font></p>









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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">3</font></font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></p>


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<p style="margin-bottom:3.0pt;margin-left:50.1pt;margin-right:0in;margin-top:9.0pt;text-align:justify;text-indent:-50.1pt;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;">3.</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;">ABOUT CAE</font></b></font></p>

<p style="margin-bottom:0in;margin-left:.4in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">3.1</font></b></font><font color=#777777 face="times new roman"><b><font lang=FR-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">Who we</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;"> are</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">CAE provides the
industry&#8217;s most comprehensive training solutions based on world-leading simulation
technology and integrated training services. Our vision is to be our customers&#8217;
Partner of Choice and we take a long term approach to customer relationships. We
offer our civil aviation, defence and security and healthcare and mining
customers a complete range of highly innovative product, service and training
centre solutions designed to help them meet their mission critical needs for
safety, efficiency and readiness. We have the broadest global presence in our
industry, enabling us to respond to our customers locally, with 8,000 people at
more than 160</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> sites and
training locations in 3</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">5 </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">countries, including our joint
venture operations. In fiscal 201</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">4</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, we had annual
revenue exceeding $2.</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">1&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
billion, </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">approximately 90%</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> of which came from worldwide exports and
international activities. We have the largest installed base of civil and
military flight simulators</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, supported by a
range of after-sales services. We have the broadest </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">training </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">services </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">network&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">
in the world and </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">offer civil
aviation</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> and</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> military training services in </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">67&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
locations worldwide where we train </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">more
than</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> 1</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">2</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">0,000
civil and military crewmembers annually. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Approximately half
of our revenue comes from the sale of simulat</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">ors and related </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">products,
and the balance from services including training, maintenance, ab initio</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> (cadet)</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
pilot training</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> and</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> aircraft crew sourcing </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">services.&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Founded in 1947
and headquartered in Montreal, Canada, CAE has built an excellent reputation
and long-standing customer relationships based on </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">nearly 70</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> years of experience, strong technical capabilities, a highly trained
workforce and global reach.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">CAE&#8217;s common
shares are listed on the Toronto and New York stock exchanges under the symbol
CAE.</font></font></p>

<p style="margin-bottom:0in;margin-left:.4in;margin-right:0in;margin-top:9.0pt;page-break-after:auto;text-indent:-.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">3.2</font></b></font><font color=#777777 face="times new roman"><b><font lang=FR-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">Our vision</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=FR-CA style="font-size:7.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We intend to be the partner of
choice for customers operating in complex mission-critical environments by
providing the most innovative </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">modeling and simulation-based</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
solutions to enhance safety</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> and</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> improve
efficiency</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:3.0pt;margin-left:.4in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-indent:-.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">3.3</font></b></font><font color=#777777 face="times new roman"><b><font lang=FR-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">Our strategy and value proposition</font></b></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Our strategy</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We are a world-leading provider of
modeling and simulation-based training solutions. We have a long history of
serving the needs of customers in the civil aerospace and defence and security
markets, and the CAE brand has becom</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">e&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> synonymous with safety,
quality and reliability the world over.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Our focus involves supporting airlines</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">,
</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">aircraft operators and defence and security forces with their
ongoing, long-term training needs. In defence and security, this means helping
forces to ensure mission readiness</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">,&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> and in civil
aviation, the necessity for training solutions </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">is&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
driven by </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">the need for uncompromised safety in </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">globally
regulated markets. Our unique ability to provide comprehensive solutions, our
technology leadership, proven customer support, and </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">a </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">vast
global presence differentiates </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">us&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> in our end markets.
We are invested in both mature and emerging markets </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">and this</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> enables us to capitalize on current </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">demand </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">and future growth opportunities. Approximately one third of our
revenue comes from the U.S., one third from Europe and one third from the rest
of the world including the higher growing, emerging markets</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Value proposition</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">The value we
provide customers is the ability to enhance the safety of their operations,
improve their mission readiness for potentially dangerous situations and lower
their costs by helping them become more operationally efficient. We offer a
range of products and services solutions to enhance our customers&#8217; planning and
decision-making abilities</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">.&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> We also offer a broad global reach, and as
a result, we are able to provide solutions in proximity to our customers, which
is an important cost-benefit consideration for them.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;font-style:normal;font-weight:normal;">Our core competencies and
competitive advantages include:</font></font></h4>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">World-leading modeling and simulation technology;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Comprehensive knowledge of training and learning
methodologies;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Total array of training products and services solutions;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Broad-reaching customer intimacy;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">High brand equity;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Proven systems engineering and program management processes;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Best-in-class customer support;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Well established in emerging markets.</font></font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">4</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


</div>
<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">World-leading modeling and simulation technology</font></i></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We pride ourselves on our
technological leadership. Pilots around the world view our simulation as the
closest thing to the true experience of flight. We have consistently led the
evolution of flight training and simulation systems technology with a number of
industry firsts. We have simulated the entire range of large civil aircraft</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> in use today</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, a
large number of the leading regional and business aircraft and a number of
civil helicopters. We are an industry leader in providing simulation and
training solutions for </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"><br>
</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">fixed-wing
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">tanker
and </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">transport
aircraft, maritime patrol aircraft</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">, trainer aircraft</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> and
helicopter platforms for the military. We also have extensive knowledge,
experience and credibility in designing and developing simulators for
first-to-market aircraft of major aircraft manufacturers. We </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">now use</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> our
expertise in modeling and simulation beyond training into other mission&#8209;critical
areas</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">,
such as emergency response services,</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> where these technologies are used
to support superior decision&#8209;making capabilities. As well, we </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">have
extended</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
these capabilities to </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">the&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> healthcare and
mining</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">
markets</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Comprehensive
knowledge of training and learning methodologies</font></i></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">With </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">nearly 70</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> years of
experience in simulation, we are an industry expert in aviation training and
are the industry&#8217;s training solution one-stop shop. </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We are constantly
introducing and implementing ways to improve safety and training efficiency, from
ab initio to professional pilot training. For instance, data from simulation
training sessions is captured, analyzed and displayed to provide instructors
and trainees with real-time feedback on training performance, allowing focus on
priority development areas to increase training efficiency. We are also playing
a leadership role in supporting airlines toward the adoption of the Multi-Crew
Pilot Licence (MPL) program, the most recent pilot licence introduced by the
International Civil Aviation Organization (ICAO), which embeds the latest
advances in learning leveraging simulation. Another example is our industry
leadership towards implementing Upset Prevention and Recovery Training,
specifically geared toward preparing pilots to address adverse and extreme
flying conditions. In the defence and security market, we are increasingly
leveraging our unique training and systems integration capabilities to offer
customers comprehensive training solutions that can include training centres,
training services and simulation products. </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We are using our
experience gained in the development of training and learning methodologies in
aerospace to bring and enhance modeling and simulation technologies to our
training solutions in the healthcare and mining domains. In
healthcare, we offer both training expertise and the widest breadth of
simulation training products in the industry, with surgical, patient, and
ultrasound simulators and trainers for more than 20 medical specialties</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">. </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Our
simulation cent</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">re&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
management system, LearningSpace, effectively captures every aspect of a live
simulation, allowing the delivery of instant, multimedia debriefing sessions
and ongoing training improvement</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">. In mining, we have borrowed from aviation standards
to introduce new solutions to train mining vehicle operators.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Total
array of training products and services solutions</font></i></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We
offer a wide array of training products, from desktop trainers to FFSs,
addressing both our civil and </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">defence and security</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> customers&#8217;
training needs. With a large network of training centres, we are also a global
leader in aviation training providing the complete solution to meet our
customers&#8217; training and pilot </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">sourcing </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">needs. Our pilot training programs
span over </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">100&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
different </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">civilian
</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">aircraft
models including commercial airliners, business aircraft</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> and </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">helicopters</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">. In the defence
and security market, our programs involve training for </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">transport
aircraft, helicopters, trainer</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> aircraft</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, aerial refuelers, maritime patrol
aircraft</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">
and remotely piloted systems</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">. Our range of training services includes
the provision of curricula for</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> pilot type training, cabin crew and </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">maintenance
training. Our civil pilot </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">sourcing
</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">solution
adds value and moves our customers&#8217; businesses forward by identifying,
screening, selecting, training and ultimately placing pilots at their airlines.
In addition, we deliver civil ab initio pilot training through CAE Oxford
Aviation Academy.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=calibri,sans-serif><i><font lang=EN-CA style="font-size:9.5pt;">&nbsp;</font></i></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Broad-reaching
customer intimacy</font></i></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">The realization
of our mission to be our customers&#8217; partner of choice is evident in the
relationships </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">that </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">we have with most of the world&#8217;s airlines,
aircraft operators, governments and original equipment manufacturers (OEMs).
Our broad geographic coverage allows us to respond quickly and cost effectively
to customer needs and new business opportunities while having a deep
understanding of the regulations and customs of the local market. We operate a
fleet of over </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">259&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> full</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">-</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">flight and full-mission simulators in </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">67&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
civil aviation</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> and</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> military training locations worldwide to
meet the wide range of operational requirements of our customers. Among our
thousands of customers, we have long-term training services agreements and
joint ventures with more than 30 major airlines and aircraft operators around
the world and relationships with approximately 50 defence operators in
approximately </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"><br>
</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">35 countries.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">High
brand equity</font></i></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We are
unique in the simulation industry as the only truly global company focused on
modeling, simulation, and training. We continually reinforce our focus,
experience and technology leadership as we position the Company with customers
around the world. We invest in building and maintaining our brand and
reputation as a company committed to innovation that will help its customers
enhance safety, improve efficiency, enhance decision-making and achieve mission
readiness. We are focused on offering the aviation industry&#8217;s most
comprehensive portfolio of simulation products, training services, and crew
sourcing with the ability to tailor a flexible training solution to the
individual requirements of each of our customers. Our simulation products are
rated among the highest in the industry for reliability and availability. This
is a key benefit because simulators normally operate in high-duty cycles of up
to 20 hours a day, seven days a week. We design our products so customers can
upgrade them, giving them more flexibility and opportunity as products change
or new air worthiness regulations are introduced. The CAE brand is synonymous
with industry-leading simulation technology as well as superior training and customer
support and we strive to be our customers&#8217; partner of choice for any simulation
and training related requirement. </font></font></p>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;font-style:normal;font-weight:normal;">&nbsp;</font></font></h4>




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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">5</font></font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></p>


</div>
<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;font-weight:normal;">Proven systems engineering and
program management processes</font></i></font></h4>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We continue to
evolve our technology platform to meet the changing market needs, and to
develop solutions and deliver technically complex programs to help ensure that
there are trained and mission-ready aircrew and combat troops around the world.
We have a proven track record on delivering complex civil and military first-to-market
simulators. Our defence and security business unit has several of its
organizations around the world certified to Level 3 or above of the </font></font><font face=helvetica,sans-serif><font lang=EN style="font-size:8.5pt;">Capability
Maturity Model Integration (CMMI), which is an internationally recognized model
of industry best practices in organizational process improvement, project
management, systems and software development. </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our experience,
coupled with our continued investment in research and development, strengthens
our technological leadership as well as our management expertise to provide
programs featuring sensor simulation for maritime operations, synthetic
tactical environments for naval and fighter operations as well as visualization
and common database technologies that deliver rich, immersive synthetic
environments for the most effective training and mission rehearsal possible.</font></font></p>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;font-weight:normal;">&nbsp;</font></i></font></h4>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;font-weight:normal;">Best-in-class customer support</font></i></font></h4>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We maintain a strong focus on
after-sales support, which is often critical in winning additional sales
contracts, as well as important update and maintenance services business. Our
customer support practices, including a web-based customer portal, performance
dashboard, and automated report cards, have resulted in enhanced customer
support according to customer comments and feedback.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<h4 style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;font-weight:normal;">Well established in emerging markets</font></i></font></h4>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We pride ourselves in our local
presence in each of our global markets, while simultaneously maintaining the
efficiencies and advantages of being an international organization. This
approach has enabled us to lead in high-growth markets like China, Eastern
Europe, the Indian sub-continent, the Middle East, South America and Southeast
Asia, where we have been active for several decades.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:0in;margin-left:.4in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">3.4</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Our operations</font></b></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:7.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We are a global
leader with an extensive range of capabilities to help our customers achieve
greater levels of safety, operational efficiency, decision-making capabilities
and mission readiness. We offer integrated solutions, which often involve
multi-year agreements with our customers to provide a full complement of both
products and services.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We
primarily serve four markets globally:</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The
civil market includes aircraft manufacturers, major commercial airlines,
regional airlines, business aircraft operators, civil helicopter operators,
third-party training centres, flight training organizations (FTOs), maintenance
repair and overhaul (MRO) organizations and aircraft finance leasing companies;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The
defence and security market includes OEMs, government agencies, public safety
organizations and defence forces worldwide;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The
healthcare market includes hospital and university simulation centres, medical
and nursing schools, paramedic organizations, defence forces, medical societies
and OEMs;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The
mining market includes global mining corporations, exploration companies,
mining contractors and the world&#8217;s premier mining consultancies.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">CIVIL
MARKET</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.0pt;">&nbsp;</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Training &amp;
Services/Civil (TS/C)</font></b></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Provides
commercial, business and helicopter aviation training for flight, cabin,
maintenance and ground personnel and ab initio pilot training and crew sourcing
services</font></i></font></p>

<p style="line-height:6.0pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We are the largest
provider of commercial </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">and
helicopter </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">aviation
training services in the world and the second largest provider of business
aviation training services. We lead the market in growth regions of China,
India, the Middle East, South America and Southeast Asia. Through our broad
global network of training centres, we serve all sectors of civil aviation
including airlines</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">
and other commercial operators</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, helicopter operators and business
aviation. We currently operate </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">239&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> FFSs, including FFSs operating in our
joint ventures, and provide aviation training and services, including
simulation-based </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">crew&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
training, crew sourcing, ab initio </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">pilot </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">training and
training cent</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">re&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
operations in approximately 30 countries around the world. Among our thousands
of customers, we have</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">
<br>
long-term
training
centre operation and </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">training services agreements and joint
ventures with </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">approximately
30</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
major airlines and aircraft operators around the world. We offer a
comprehensive range of training solutions and services, including curriculum
development, training centre operations, pilot training, cabin crew training,
aircraft maintenance technician training, courseware solutions and consulting
services. We are a leader in flight sciences, using flight data analysis to improve
airline safety, maintenance, flight operations and training. CAE Oxford
Aviation Academy is the largest ab initio network in the world with </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"><br>
10</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
academies</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">,
a fleet of over 220 aircraft and the resources and expertise to train more than
</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">2,000
cadets annually. CAE Parc Aviation is the </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">global market leader in the provision of
flight crew and technical personnel to airlines, aircraft leasing companies,
manufacturers and MRO companies worldwide</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></b></font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">6</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=X-NONE style="font-size:8.5pt;">Simulation
Products/Civil (SP/C)</font></b></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Designs,
manufactures and supplies civil flight simulation training devices and visual
systems</font></i></font></p>

<p style="line-height:6.0pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We are the world
leader in the provision of civil flight simulation equipment, including FFSs
and a comprehensive suite of integrated procedures trainers, flight training
devices and </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">computer-based&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
tools, using the same high-fidelity Level D software as the FFSs. We have
designed and manufactured more civil FFSs for major and regional commercial
airlines, third-party training centres and OEMs than any other company. We have
developed a wealth of experience in developing first-to-market simulators for
more than 35 new types of aircraft models including recent years&#8217; development
of simulators for the Airbus A350 XWB, AVIC <br>
Medium-Sized Transport, Mitsubishi Regional Jet&nbsp;(MRJ), ATR42-600 and ATR72-600,
Bombardier CSeries, Global 5000/6000, Global 7000/8000 and
Learjet 85</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">,
Dassault Falcon 5X</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> and the Commercial Aircraft Corporation of China,
Ltd (COMAC) ARJ21 and C919. Leveraging our extensive worldwide network of spare
parts and service teams, we also offer a full range of support services. This
includes emergency support, simulator updates and upgrades, maintenance
services and simulator relocations.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=X-NONE style="font-size:8.5pt;">Market trends and
outlook</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In commercial
aviation, aircraft capacity and passenger traffic growth are primarily driven
by gross domestic product (GDP). Over the past 20 years, air travel
has grown at an average rate of 4.8%</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> and the </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">aerospace
industry&#8217;s widely held expectation is that long-term average growth for air
travel will be approximately 5% annually over the next two decades. </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The International
Air Transport Association (IATA) forecasts that by 2017 total passenger demand
is expected to increase by 31%, representing 930 million more passengers
compared to 2012. </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Growth rates are higher in the emerging markets than
in large and established markets like Europe and the U.S. Continued </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">growth
in air travel and re-fleeting requirements have led to </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">record&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
commercial aircraft backlogs and</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> OEM </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">production rates.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In the business and helicopter aviation
sector, demand for air travel is primarily driven by corporate profitability
and general economic conditions. According to the U.S. Federal Aviation
Administration (FAA), the number of business jet flights has increased by 3.4%
in the past 12 months. The industry remains optimistic of further recovery and
long-term growth in business aircraft travel, and consistent with this view,
major business aircraft OEMs have announced new aircraft programs.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Consolidation of the industry continues
as companies position themselves to capitalize on this robust commercial
aerospace market. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The
following secular trends continue to form the basis of our civil market
investment hypothesis:</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Expected
long-term growth in air travel;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Demand
in emerging markets arising from secular growth and a need for infrastructure
to support air travel;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Aircraft
backlogs and delivery rates;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">More
efficient and technologically advanced aircraft platforms;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Long-term
demand and shortage of trained aviation professionals (pilots, maintenance,
cabin crew).</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Expected
long-term growth in air travel</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In calendar 2013, global passenger
traffic increased by 5.2% compared to calendar 2012. For the first three months
of calendar 2014, passenger traffic increased by 5.6% compared to the first
three months of calendar 2013. Emerging markets outperformed with passenger
traffic in the Middle East, Latin America, Asia/Pacific and Europe growing at 13.3%,
7.1%, 7.0% and 5.2% respectively, while North America remained stable. The
global commercial aircraft fleet increased by 4.0% from March 2013 to March
2014, growing in Asia/Pacific, the Middle East and Latin America by 8.4%, 7.8%
and 5.7% respectively, increasing slightly in Europe and remaining stable in North
America. Possible impediments to steady growth progression in air travel
include major disruptions such as regional political instability, acts of
terrorism, pandemics, natural disasters, sharp and sustained increases in fuel
costs, major prolonged economic recessions or other major world events. </font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></i></b></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Demand
in emerging markets arising from secular growth and a need for infrastructure
to support air travel</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Emerging markets
such as China, Eastern Europe, the Indian sub-continent, the Middle East, South
America and Southeast Asia are expected to continue experiencing higher air
traffic growth over the long term </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">versus </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">mature markets
such as North America and Western Europe. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Aircraft
backlogs and delivery rates</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Commercial
aircraft OEMs continue to work through record backlog levels of </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">over&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
12,000 aircraft. Our civil business relies mainly on the already in-service
fleet to drive demand as approximately two thirds
of our revenue is generated from training and services in support of the global
fleet. Our product sales are driven mainly by aircraft deliveries coming </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">from&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> OEMs&#8217;
production lines. </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Recent
aircraft order intake remains strong, with North American airlines such as Air
Canada and American Airlines and airlines in the emerging markets such as
Etihad Airways, Lion Air, VietJet Air and Air Costa leading the intake. </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We
expect the continued high rate of aircraft </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">deliveries to </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">translate into
continued high demand for training products and incremental demand for service</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">s.&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>





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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">7</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


</div>
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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></p>


</div>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">More
efficient and technologically advanced aircraft platforms</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">More efficient and technologically
advanced aircraft platforms will drive the demand for new types of simulators
and training programs. One of our strategic priorities is to partner with
manufacturers to take an early position on these future programs. In recent
years, we have signed contracts with Bombardier for the CSeries aircraft and
the Global 7000/8000 aircraft, ATR for the ATR42/72-600 aircraft, Mitsubishi
Aircraft Corporation for the MRJ aircraft, Airbus for the A350 XWB aircraft, Dassault
for the Falcon 5X, AVIC for the Medium-Sized Transport aircraft and COMAC for
the C919 aircraft. These contracts allow us to leverage our modeling,
simulation and training expertise to deliver training solutions, including CAE
7000 Series FFS and the recently launched CAE 7000XR Series FFS, CAE Simfinity<sup>TM</sup>
procedures trainers, comprehensive training programs and expansion of our
network to meet airlines&#8217; training needs. </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">The demand for </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">new and
more efficient platforms is driven by better operational flexibility, reduced
maintenance costs, reduced fuel costs and improved emissions and environmental
footprints. Airlines are actively seeking ways to reduce fuel costs and the
operational risk against further fuel cost fluctuations, as well as ways to
obtain benefits offered by new generation aircraft and propulsion technologies. </font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></i></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Business
jet operators</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">
also</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
demand high performance</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> aircraft. Business aircraft OEMs have
announced plans to introduce, or have already introduced, a variety of new
aircraft models incorporating the latest technologies to enhance performance
and operator benefits such as range, speed, comfort and the accessibility of
business air travel. Some examples include Bombardier&#8217;s <br>
Learjet 70, 75 and 85, Challenger 350 and Global 7000/8000, Embraer&#8217;s Legacy
Series and Lineage 1000, Gulfstream&#8217;s G650, Cessna&#8217;s Citation M2 and Dassault&#8217;s
Falcon 5X.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Deliveries of new-model aircraft
are subject to program delays, which in turn affect the timing of FFS orders
and deliveries.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Long-term
demand and shortage of trained aviation professionals (pilots, maintenance,
cabin crew)</font></i></b></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Worldwide
demand is expected to increase over the long term</font></i></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Growth in the
civil aviation market has driven the demand for pilots, maintenance technicians
and cabin crew worldwide, resulting in a shortage of qualified professionals in
several markets, notably the faster growing emerging markets. Pilot supply
constraints include aging crew demographics</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> and</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> fewer military
pilots transferring to civil airlines. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">New
pilot certification processes require more simulation-based training</font></i></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Simulation-based
pilot certification training is </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">taking&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> on </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">a&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> greater role
internationally with the MPL, with stall and upset prevention and recovery
training</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">
and with new Airline Transport Pilot (ATP) requirements in the U.S</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">. </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Indeed, the</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> ICAO
and various national and regional aviation regulatory agencies have published
new regulatory requirements, standards and guidance on these</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> specific</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
topics. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">MPL is an
alternative training and licensing methodology which places more emphasis on
simulation-based training to develop ab initio students into First Officers of
airliners in a specific airline environment. </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">On average, current MPL programs in
the industry consist of one third of the training in actual aircraft and two thirds
of the training in flight simulation training devices, versus traditional
training for other licences that average 80% to 90% in actual aircraft. </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Today,
there are approximately 50 nations that have MPL regulations in place and over
15 of these nations already use these regulations with training providers and
airlines. CAE has MPL programs in Asia and in Europe </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">with various
airlines</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">.
</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">From
a global industry perspective</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, MPL is producing promising results and </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">over 800</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> MPL
graduates are </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">already
</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">flying
successfully with their airline. As the MPL methodology continues to gain
momentum, it will result in increased use of simulation-based training.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Finally, the FAA in the U.S.
enacted its final set of rules on July 15<sup>th</sup>, 2013 on new pilot
certification and qualification requirements for air carrier operations,
requiring pilots to obtain an ATP and Type Rating. As of August 2014, pilots
applying for an ATP certificate will be required to complete practical
requirements which call for more simulation-based training that includes
adverse weather conditions, low energy states, stalls, upset prevention and
recovery, and high altitude operations. We believe these new requirements will
lead to an increase in demand for training in simulators.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">DEFENCE AND SECURITY </font></b></font><font face=helvetica,sans-serif><b><font lang=X-NONE style="font-size:8.5pt;">MARKET&nbsp;</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We believe </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">that </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">in the
simulation-based training market,</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> we are uniquely positioned to be
part of the solution </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">for governments and defence forces </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">to
reduc</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">e&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> the
cost of military readiness.</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> Three</font></font><font color=black face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
important factors help distinguish </font></font><font color=black face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">our&nbsp;</font></font><font color=black face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
defence business and underlie the large pipeline of opportunities for our
modeling and simulation-based solutions. First, we have a unique global
position that provides balance and diversity across the world&#8217;s defence </font></font><font color=black face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">and
security </font></font><font color=black face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">markets. Second, we have a strong, experienced position on
enduring aircraft platforms</font></font><font color=black face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> serving both defence and security
markets</font></font><font color=black face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> that are expected to have long program lives. Third, and most
fundamentally, simulation-based training provides considerable value as defence
forces operate in a constrained budget environment yet still need to train and
maintain a high state of&nbsp;readiness. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Simulation
Products/Military (SP/M)</font></b></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Designs,
manufactures and supplies advanced training equipment and software tools for
air forces, armies, navies and public safety organizations </font></i></font></p>

<p style="line-height:6.0pt;margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We are a world
leader in the design and production of military flight simulation equipment. We
offer solutions to help maintain and enhance our customers&#8217; safety, efficiency,
mission readiness and decision-making capabilities.</font></font><font face=helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;"> &nbsp;</font></i></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We
develop simulation equipment, training systems and software tools for a variety
of military aircraft, including </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">fighters</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, helicopters, trainer aircraft,
maritime patrol and tanker/transport aircraft</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> and remotely piloted systems</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">. We
also offer simulation-based solutions for land and naval forces, including a
range of driver and gunnery trainers for tanks and armoured fighting vehicles
(AFVs) as well as hands-on and virtual maintenance trainers. We have delivered
simulation products and training systems to more than 50
defence operators in approximately </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"><br>
</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">35
countries. </font></font></p>

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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">8</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Training
&amp; Services/Military (TS/M)</font></b></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Supplies
turnkey training services, simulation-based integrated enterprise solutions and
maintenance and in-service support solutions</font></i></font></p>

<p style="line-height:6.0pt;margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> are a
world-class training systems integrator with the capability to</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
provide </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">comprehensive,
</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">turnkey
training </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">solutions&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> to
global defence</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">
and security</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
forces. We provide a range of training support services such as contractor
logistics support, maintenance services, classroom instruction and simulator
training </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">at&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> over
80 sites around the world</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">,
including our joint venture operations. Increasingly, we are offering our
training systems integration expertise across air, land, sea and public safety
to help our customers create an integrated, immersive training enterprise. We also
offer </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">a
variety of modeling and simulation-based integrated </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">enterprise </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">solutions,
and a range of in-service support solutions such as systems engineering and
lifecycle management. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Market trends and
outlook</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">While the U.S. Bipartisan Budget
Act for fiscal year 2014 has helped reduce the near-term impact of
sequestration cuts and provided the U.S. Department of Defense with greater
budget certainty over the current government fiscal year, the timing of
contract awards will continue to be difficult to predict as the U.S. military
services work to achieve the right balance in military capacity, capabilities
and readiness. This may impact our ability</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> to grow revenue
and income in the short term</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">; however, our view is </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">that </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">the
impediment to growth is not the size of the market, but rather the timing of
procurements</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">.&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> In
Europe, force structure reductions and reduced future investment plans have
narrowed the pipeline of new opportunities; however, we maintain a portfolio of
recurring business for which we have sized our operations. While the United
States and Europe </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">still present modest challenges</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, we
are seeing increased opportunities originating from regions with growing
defence budgets, like Asia and the Middle East where we have an established and
growing presence. </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We also </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">continue to bid on a solid pipeline
of global opportunities</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">. </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In addition, there
are encouraging signs for our market specialization and we are confident that
the use of simulation-based training will continue to increase in the future. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The
following trends continue to drive the use of our training centres, services
and products in defence:</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Explicit
desire of governments and defence forces to increase the use of modeling and
simulation to mitigate budget pressures;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Attractiveness
of outsourcing of training and maintenance services;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Need
for synthetic training to conduct mission rehearsal, including joint and
coalition forces training;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Relationships
with OEMs as their partner of choice for simulation and training;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Use
of modeling and simulation for analysis and decision support.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Explicit
desire of governments and defence forces to increase the use of modeling and
simulation to mitigate budget pressures</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">More defence forces and
governments are adopting simulation in training programs because it improves
training effectiveness, reduces operational demands on aircraft, lowers risk
compared to operating actual weapon system platforms and significantly lowers
costs. For example, the U.S. Air Force (USAF) is making more extensive use of
simulation for KC-135 tanker boom operator training, which costs approximately
$20,000 for a three-hour training mission in the actual aircraft, but only
$1,000 for that same three-hour training mission in simulators. The higher cost
of live training and the desire to save aircraft for operational use are two
factors prompting a greater adoption of simulation-based training. Unlike civil
aviation, where the use of simulators for training is common practice, there
are no regulatory requirements to train in simulators in the military and the
nature of mission-focused training demands at least some live training;
however, the balance of live and synthetic training is shifting more to
simulation. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&#160;&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We have begun to
see militaries plan for the increased use of simulation as part of the overall
training curriculum. For example, the U.S. Navy reports the share of
simulation-based training on some specific U.S. Navy </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">aircraft </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">platforms
could rise close to 50% by 2020</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">. </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Because of the cost associated with
conducting live training exercises, most militaries expect to rebalance the mix
of live, virtual and constructive (computer-based) training and shift more of
the training curriculum to home station virtual and constructive simulation.
For example, the U.S. Army is planning to reduce the use of live training
ranges and transfer some of this training to virtual and constructive
simulation to reduce costs. This will ultimately create opportunities for </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">simulation-based training
centres, services and products. </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We view CAE as being part of the solution
to achieving lower training costs while maintaining or improving readiness.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Attractiveness of
outsourcing of training and maintenance services</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Defence forces and
governments continue to scrutinize expenditures to find ways to reduce costs
and allow active-duty personnel to focus on operational requirements, which has
an impact on defence budgets and resources. There has been a growing trend
among defence forces to consider outsourcing a variety of training services and
we expect this trend to continue. </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">For example, during fiscal year
2014 we opened a new military training centre in Australia where the Australian
Defence Forces will train their <br>
King Air 350 aircrews. This represents the first simulator services contract
that the Australian Defence Forces have signed as part of a
contractor-owned/contractor-operated service delivery program. We believe g</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">overnments
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">will
increasingly </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">look
to industry for the delivery of training services because they often can be
delivered faster and more cost effectively.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Need for synthetic
training to conduct mission rehearsal, including joint and coalition forces
training </font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">There is a growing
trend among defence forces to use synthetic training to meet more of their </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">mission
</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">training
requirements. Simulation technology solutions enable defence customers to plan
sophisticated missions and carry out full-mission rehearsals in a synthetic
environment as a complement to traditional live training or mission
preparation.
Synthetic training
offers militaries a</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> <br>
</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">cost-effective
way to provide realistic training for a wide variety of scenarios while
ensuring they maintain a high state of readiness. Allies are cooperating and
creating joint and coalition forces, which are driving the demand for networked
training and operations. Training devices that can be networked to train
different crews and allow for networked training across a range of platforms
are increasingly important as the desire to conduct mission rehearsal exercises
in a synthetic environment increases. </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We are</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> actively
promoting open, standard simulation architectures, such as the </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Common Database
(CDB)</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">,
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">as
well as new capabilities such as the CAE Dynamic Synthetic Environment (DSE), </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">to
better enable mission rehearsal and joint, networked training. </font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></i></font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">9</font></font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></p>


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<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Relationships with OEMs as their partner of choice
for simulation and training</font></i></b></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
partner with manufacturers in the defence and security market to strengthen
relationships and position for future opportunities. OEMs have introduced new
platforms and continue to upgrade and extend the life of existing platforms,
which drives worldwide demand for simulators and training. For example, Boeing
has developed the new P-8A maritime patrol aircraft, Airbus Military has sold
and continues to market </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">both
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">the
A330 MRTT </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">and
C295 </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">globally,
Lockheed Martin is successfully marketing variants of the <br>
C-130J Hercules transport aircraft and F-35 fighter, Alenia Aermacchi and BAE
Systems are selling the M-346 and Hawk lead-in fighter trainers, and
AgustaWestland is continuing to develop a range of helicopters such as the
AW139, AW169 and AW189. We have established relationships with each of the OEMs
on these platforms. We also signed a memorandum of understanding to pursue
working with General Atomics Aeronautical Systems, the world&#8217;s leading manufacturer
of unmanned aircraft systems, on offering training solutions for GA-ASI&#8217;s
Predator family of remotely piloted aircraft, and during fiscal year 2014 sold
a Predator unmanned aerial system (UAS) mission trainer to the Italian Air
Force.</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></i></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Use of modeling
and simulation for analysis and decision support</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Traditionally, modeling and
simulation have been used to support training, but is now increasingly applied
across the program lifecycle, including support for analysis and
decision-making operations. We see governments and defence forces looking to
use simulation-based synthetic environments to support research and development
programs, system design and testing, intelligence analysis, integration and
exploitation, and to provide the decision support tools necessary to support
mission planning in operations. As an example, we were recently contracted to
establish a training centre and conduct emergency management training for the
Brunei Ministry of Home Affairs and see further opportunities to develop
integrated modeling and simulation centres.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=X-NONE style="font-size:8.5pt;">NEW CORE MARKETS
(NCM)</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Healthcare market</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Simulation-based
training is one of the most effective ways to prepare healthcare practitioners to
care for patients and respond to critical situations while reducing the overall
risk to patients. Through acquisitions and partnerships with experts in
healthcare, we are leveraging our experience and best practices in
simulation-based aviation training to deliver innovative solutions to improve
the safety and efficiency of this industry. The healthcare simulation market is
growing rapidly, with simulation centres becoming the standard in nursing and
medical schools, while proprietary education is now using technology and
simulation to compete with public institutions. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We are</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> a leader in
simulation-based technology for healthcare with more than </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">8</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">,000
deliveries of patient, imaging and surgical simulators in medical schools,
nursing schools, hospitals, defence forces and other entities. </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> ha</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">ve&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
offices located in Canada, the U.S., Hungary and Germany and a network of </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">approximately 50</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
distributors in </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">more
than 50 </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">countries.&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We generate
revenue in five main areas: patient simulators, surgical simulators, ultrasound
simulators</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">
and task trainers</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, learning applications/courseware and centre
management systems. Our patient simulators offer a high level of believability
and life-like responses and teach students and practitioners to intervene with
appropriate clinical measures. Our surgical simulators incorporate haptic
technology that allows students and practitioners to acquire skills and
practice in performing minimally invasive procedures, including bronchoscopies,
endoscopies and cardiac valve replacements. Our ultrasound solutions utilize
e-learning, ultrasound training models, mannequins and 3D animated display that
allow students and practitioners to become familiar with diagnostic bedside
ultrasound and ultrasound-guided procedures. Our simulation learning
applications can be embedded within hospital work environments or large
teaching institutions, allowing remote delivery of content for self&#8209;guided
learning and assessment. Our medical simulation centre solutions simplify the
operations behind managing complex simulation, assessment, recording and
debriefing.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Market trends and
outlook</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">The Healthcare
simulation-based market is focused mainly on education, and is estimated
upwards of $850 million. Of that, the largest share of the market is
represented by the human patient simulation market, which is expected to grow
in the double-digit range over the next five years. Our vision is for CAE
Healthcare to lead in the broad adoption of simulation-based training solutions
for healthcare practitioners to improve patient safety, reduce overall training
cost and ultimately save more lives. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Medical simulators
can help to reduce </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">medical
</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">errors
by fundamentally changing the competency assessment and training of healthcare
practitioners, just as flight simulators revolutionized pilot certification and
training decades ago. In addition to the </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"><br>
</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">850,000
active physicians and 67,000 medical students, there are approximately 3
million nurses and 250,000 nursing students in the U.S. and 8.8 million
physicians and 14.5 million nurses worldwide.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The demand for our products and services
is driven by the:</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">U</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">se of
patient simulators to improve training and patient safety;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Increased
adoption of minimally invasive surgery;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Advances
in imaging technology applications in healthcare;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Increasing
healthcare costs;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Service
provider shortages.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Use of
patient simulators to improve training and patient safety</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Patient
simulators are the most commonly used simulators in the healthcare education
and training markets. Human patient simulation provides an opportunity to
reduce medical errors by providing opportunities to train for high-risk,
low-frequency events. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">10</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


</div>
<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Increased adoption of minimally invasive surgery </font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Minimally-invasive surgery (MIS) is
accomplished through small surgical incisions, specialized surgical
instruments, and endoscopic or alternative surgical imaging. Due to the
advantages of MIS, such as reduced patient trauma and shorter hospitalization
periods, it has seen increased adoption in place of previously invasive
surgical procedures. Continuing advances in surgical technology and MIS
techniques have established surgery as a leading driver for simulation
technology training.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Advances
in imaging technology applications in healthcare</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Regulatory
reform, the development of affordable technology-driven products and growing
industry awareness have advanced the integration of imaging technology into
healthcare. Increasing patient awareness of alternative technologies and
procedures has helped to pressure insurers and providers to implement advanced
imaging technologies. Bedside ultrasonography has become an invaluable tool in
the management of critically ill patients. The hand-carried ultrasound (HCU)
can immediately provide diagnostic information that is not accessible by a
physical examination alone, provided that healthcare practitioners performing
the examinations have adequate training.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Increase
in healthcare costs</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The
growth and increasing cost of medical care is correlated to population growth
and healthcare coverage expansion. Longer life expectancy and the baby boomer
generation have generated significant demand for healthcare services.
Widespread adoption of advanced medical technologies and services could
translate into higher demand for training. Experts have demonstrated that
medical simulation improves patient outcomes and reduces errors, which can help
to mitigate the rate of increase in healthcare costs.</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></i></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Service
provider shortages</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The World Health Organization has
reported that there were 57 countries with critical shortages equivalent to a
global deficit of <br>
2.4 million doctors, nurses and midwives worldwide. As students graduate and
move into clinical practice, there is a growing need among hospitals for on&#8209;boarding
programs that transition the new students to competent practitioner effectively
and efficiently. Simulation is now moving from the academic setting into
clinical practice to provide a safe environment for clinical training.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Mining
market</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We have customers in over 90
countries that are currently supported by our offices in Australia, Brazil,
Canada, Chile, India, Kazakhstan, Mexico, Peru, South Africa, the U.S. and the
U.K. We provide products and services for open pit and underground operations
to mining organizations, from large diversified miners to junior miners and
consultancies.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We generate revenue by delivering
products and services across the mining value chain. Our software products are
used for managing exploration and geological data, mine strategy, optimization,
detailed design and scheduling for all mining methods and commodities. Our technical
consulting team includes experienced geologists and mining engineers, servicing
client needs such as managing exploration drilling programs, mining studies,
resource evaluation, on-site technical services and business improvement
projects. Our CAE Terra mining equipment simulators leverage our experience in
simulation to provide an unrivalled level of realism. Our simulators are
integrated with a comprehensive student management system, lesson planning
tools and interactive touch panel instructor station. Our training services include
workforce development planning, training needs analysis, professional
development in technical disciplines and the design and implementation of
operator training curriculum. Our operator training courseware is designed for
multiple delivery modes including self-paced e-learning, instructor-led
classroom training, procedural training and scenarios delivered in our high
fidelity simulators.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Market
trends and outlook</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our technology and services are
used by customers to increase productivity and improve safety. The factors
driving demand for our technology and services are:</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Health
and safety priority;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Declining
grades and higher energy consumption resulting in increased cost of extraction;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Cyclicality
of commodity prices;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Operations
management and control.</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></i></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Health
and safety priority</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Health and safety standards
continue to be an area of focus for improvement through the use of
technological advances and increased skills training to create a more highly
skilled and better-educated work force. Mining companies are focusing on
automated equipment, remote control of operations and simulation-based training
of the workforce as means to improve overall safety.</font></font></p>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">11</font></font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></p>


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<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Declining grades and higher energy consumption
resulting in increased cost of extraction</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">In the last 30 years, the average
grade of ore bodies has halved, while the waste removed to access the minerals
has more than doubled, resulting in higher energy use and cost of extraction.
Given the volatility of mineral prices and energy costs, different approaches are
needed. These will include the increased use of optimization tools, simulation
and scenario analysis within the industry to maximize value and maintain the
viability of current operations, while helping mining companies focus on
maximizing metal recovery instead of simply maximizing throughput. We are
actively involved in finding technology-based solutions for recovering metal
using less energy. Our existing tools for optimization and scenario analysis
help mining organizations respond to changing prices and input costs in order
to maximize the potential of their existing operations.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=#1f497d face=helvetica,sans-serif><font lang=EN-AU style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Cyclicality
of commodity prices</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Demand for commodities is highly
correlated to economic cycles. This means that in addition to the increased
cost of extraction, mining companies will usually experience pricing pressure
during economic contractions. This tends to result in a reduction in capital
spending by mining companies and delays in procurements, which negatively
affect the business prospects of the mining industry supply chain. However,
this factor serves as another driver toward increased use of optimization
tools, simulation and scenario analysis within the industry to maximize the
efficiency of operations.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-AU style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Operations
management and control</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">With increasing scale and complexity
of operations, mining companies are seeking solutions for the real time
oversight, coordination, decision-making and remote control of fixed and mobile
assets. We are collaborating in global markets and providing mine operators
with an opportunity to integrate our widely used mining systems with other
operational management technologies. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:0in;margin-left:.4in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">3.5</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Foreign exchange</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We report all dollar amounts in Canadian
dollars. We value assets, liabilities and transactions that are measured in
foreign currencies using various exchange rates as required by IFRS.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The tables below show the variations of the
closing and average exchange rates for our three main operating currencies. </font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We used the closing foreign exchange rates
below to value our assets, liabilities and backlog in Canadian dollars at the
end of each of the following periods:</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.000000pt;">
 <tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2014&nbsp;</font></b></font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2013&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Increase</font></font></p>
  </td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">U.S. dollar (US$ or
  USD)</font></font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.11&nbsp;</font></b></font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.02&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">9%</font></i></font></p>
  </td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Euro (&#8364; or EUR)</font></font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.52&nbsp;</font></b></font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.30&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">17%</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;border-bottom:solid #777777 1.5pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">British pound (&#163; or
  GBP)</font></font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid #777777 1.5pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.84&nbsp;</font></b></font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid #777777 1.5pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.54&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:solid #777777 1.5pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">19%</font></i></font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:748.000000pt;">
 <tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=4 valign=bottom width=83% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">We used the average
  foreign exchange rates below to value our revenues and expenses:</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=16% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=16% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=15% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2014&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2013&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=16% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Increase</font></font></p>
  </td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">U.S. dollar (US$ or
  USD)</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=15% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.05&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.00&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=16% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">5%</font></i></font></p>
  </td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Euro (&#8364; or EUR)</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=15% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.41&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.29&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=16% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">9%</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;border-bottom:solid #777777 1.5pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">British pound (&#163; or
  GBP)</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=15% style="background:white;border-bottom:solid #777777 1.5pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.68&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:solid #777777 1.5pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.58&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=16% style="background:white;border-bottom:solid #777777 1.5pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">6%</font></i></font></p>
  </td>
 </tr>
<tr height=0>
  <td width=53%>&nbsp;</td>
 <td width=14%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=16%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">For fiscal 2014,
the effect of translating the results of our foreign operations into Canadian
dollars resulted in an increase in revenue of $72.9 million and an increase in
net income of $6.1 million, when compared to fiscal 2013. We calculate</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">d&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> this by
translating</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">
the current year&#8217;s</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> foreign currency revenue and net income using the
average monthly exchange rates from the previous year and comparing these
adjusted amounts to our current year reported results.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Three areas of our
business are affected by changes in foreign exchange rates:&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;margin-left:.15in;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Our
network of foreign training and services operations</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;margin-left:.15in;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Most
of our foreign training and services revenue and costs are </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">denominated </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">in
local currenc</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">y</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">.
Changes in the value of local currencies relative to the Canadian dollar
therefore have an impact on these operations&#8217; net profitability and net
investment. Gains or losses in the net investment in a foreign operation that
result from changes in foreign exchange rates are deferred in the foreign
currency translation account (accumulated other comprehensive income), which is
part of the equity section of the consolidated statement of financial position.
Any effect of the fluctuation between currencies on the net profitability has
an immediate translation impact on the consolidated income statement and an
impact on year-to-year and quarter-to-quarter comparisons.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;margin-left:.15in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">12</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></font></p></div>

<p style="line-height:9.5pt;margin:0in 0in 2pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Our simulation products operations outside of Canada (Australia, Germany, India, Singapore, U.K. and U.S.)</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 0.15in;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Most of the revenue and costs in these operations from foreign operations are generated in their local currency except for some data and equipment bought in different currencies from time to time, as well as any work performed by our Canadian manufacturing operations. Changes in the value of the local currency relative to the Canadian dollar have a translation impact on the operation&#8217;s net profitability and net investment when expressed in Canadian dollars, as described above.</font></font></p>

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<p style="line-height:9.5pt;margin:0in 0in 2pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Our simulation products operations in Canada</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 0.15in;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Although the net assets of our Canadian operations are not exposed to changes in the value of foreign currencies (except for receivables and payables in foreign currencies), a significant portion of our annual revenue generated in Canada is in foreign currencies (mostly U.S. dollar and Euro), while a significant portion of our expenses are in Canadian dollars.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 0.15in;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 0.15in;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We generally hedge the milestone payments of sales contracts denominated in foreign currencies to </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">mitigate&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> some of the foreign exchange exposure. Since less than 100% of our revenue is hedged, it is not possible to completely offset the effects of changing foreign currency values, which leaves some residual exposure that can affect the consolidated income statement.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 0.15in;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 0.15in;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We continue to hold a portfolio of currency hedging positions intended to mitigate the risk to a portion of future revenues presented by the volatility of the Canadian dollar versus foreign currencies. The hedges are intended to cover a portion of the revenue in order to allow the unhedged portion to match the foreign cost component of the contract. With respect to the remaining expected future revenues, our manufacturing operations in Canada remain exposed to changes in the value of the Canadian dollar.</font></font></p>

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<p style="line-height:9.5pt;margin:0in 0in 0pt 0.15in;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In order to reduce the variability of specific U.S. dollar and Euro-denominated manufacturing costs, we </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">also </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">hedge some of the foreign currency costs incurred in our manufacturing process.</font></font></p>

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<p style="margin:0in 0in 1pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Sensitivity analysis</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 1pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We conducted a sensitivity analysis to determine the current impact of variations in the value of foreign currencies. For the purposes of this sensitivity analysis, we evaluated the sources of foreign currency revenues and expenses and determined that our consolidated exposure to foreign currency mainly occurs in two areas:</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt 11.4pt;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Foreign currency revenues and expenses in Canada for the manufacturing business &#8211; we hedge a portion of these exposures;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt 11.4pt;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Translation of foreign currency of operations in foreign countries. Our exposure is mainly in our operating profit.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">First we calculated the revenue and expenses per currency from our Canadian operations to determine the operating profit in each currency. Then we deducted the amount of hedged revenues to determine a net exposure by currency. Next we added the net exposure from foreign operations to determine the consolidated foreign exchange exposure in different currencies.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Finally, we conducted a sensitivity analysis to determine the impact of a weakening of one cent in the Canadian dollar against each of the other three currencies. The table below shows the typical impact of this change, after taxes, on our yearly revenue and operating profit, as well as our net exposure:</font></font></p>

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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Operating</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Net</font></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">Exposure</font></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">(amounts in millions)</font></i></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Profit</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Hedging</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Exposure</font></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">U.S. dollar (US$ or USD)</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">12.6&nbsp;</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">4.0&nbsp;</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(3.4)</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.6&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Euro (&#8364; or EUR)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3.2&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.6&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(0.3)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=40% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">British pound (&#163; or GBP)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.9&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(0.1)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:12pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.0</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=8% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=32% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=7 valign=bottom width=69% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">A possible strengthening of one cent in the Canadian dollar would have the opposite impact.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
</table></div>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">13</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>
<a name="page_15"></a><div style="padding-left:0%;padding-right:0%;width:100%;">

<div>


<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></p>


</div>
<p style="line-height:.7pt;margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="margin-bottom:0in;margin-left:.4in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">3.6</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">Non-GAAP and other
financial measures</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">This MD&amp;A includes non-GAAP and
other financial measures. Non-GAAP measures are useful supplemental information
but may not have a standardized meaning according to GAAP. You should not
confuse this information with, or use it as an alternative for, performance
measures calculated according to GAAP. You should also not use them to compare
with similar measures from other companies.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Backlog</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Backlog
is a non-GAAP measure that represents the expected value of orders we have received
but have not yet executed</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">.
&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">For
the SP/C, SP/M and TS/M segments, we consider an item part of our backlog when
we have a legally binding commercial agreement with a client that includes
enough detail about each party&#8217;s obligations to form the basis for a contract
or an order;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Military
contracts are usually executed over a long-term period and some of them must be
renewed each year. For the SP/M and TS/M segments, we only include a contract
item in backlog when the customer has authorized the contract item and has
received funding for it;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">For
the TS/C segment, we include revenues from customers with both long-term and
short-term contracts when these customers commit to pay us training fees, or
when we reasonably expect the revenue to be generated.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">The book-to-sales
ratio is the total orders divided by total revenue in </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">a given</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
period.</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Capital employed</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Capital
employed is a non-GAAP measure we use to evaluate and monitor how much we are
investing in our business. We measure it from two perspectives:</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Capital
used:</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">For
the company as a whole, we take total assets (not including cash and cash
equivalents), and subtract total liabilities (not including long-term debt and
the current portion of long-term debt);</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;margin-left:11.4pt;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">For
each segment, we take the total assets (not including cash and cash
equivalents, tax accounts and other non-operating assets), and subtract total
liabilities (not including tax accounts, long-term debt and the current portion
of long-term debt, royalty obligations, employee benefits obligations and other
non-operating liabilities).</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Source
of capital:</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">In
order to understand our source of capital, we add net debt to total equity.</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Capital expenditures (maintenance and
growth) from property, plant and equipment</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Maintenance
capital expenditure is a non-GAAP measure we use to calculate the investment
needed to sustain the current level of economic activity.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Growth
capital expenditure is a non-GAAP measure we use to calculate the investment
needed to increase the current level of economic activity.</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Free cash flow</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Free
cash flow is a non-GAAP measure that shows us how much cash we have available
to </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">invest
in growth opportunities</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, 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 maintenance capital expenditures, </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">investment in </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">other
assets not related to growth and dividends paid and adding proceeds from the
disposal of property, plant and equipment</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, dividends received from equity
accounted investees and proceeds, net of payments, from equity accounted
investees</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Gross
profit</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Gross
profit is a non-GAAP measure equivalent to the operating profit excluding
research and development expenses, selling, general and administrative
expenses, other (gains) losses &#8211; net</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, after tax share in profit of equity
accounted investees</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> and restructuring, integration and acquisition
costs.</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Joint venture backlog</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Joint
venture backlog </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">is a non-GAAP measure that represents the expected
value of </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">our
share of </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">orders
</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">that
our joint ventures
have </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">received
but have not yet executed</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Net debt</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">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, including the current portion of long-term debt, and
subtracting cash and cash equivalents.</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Net income before restructuring, integration
and acquisition costs</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Net income before restructuring,
integration and acquisition costs is a non-GAAP measure we use as </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">a</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">n alternate</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> view
of </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">our
operating results. We calculate it by taking our net income attributable to
equity holders of the Company and adding back restructuring, integration and
acquisition costs, net of tax. We track it because we believe it provides a
better indication of our operating performance and makes it easier to compare
across reporting periods.</font></font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">14</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


</div>
<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Non-cash
working capital</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Non-cash working
capital is a non-GAAP measure we use to monitor how much money we have
committed 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></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Operating profit</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Operating
profit is a non-GAAP measure that shows us how we have performed before the
effects of certain financing decisions and tax structures. We track operating
profit 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></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Research and development expenses</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Research and
development expenses are a financial measure we use to measure the amount of
expenditures directly attributable to research and development activities that
we have expensed during the period, net of investment tax credits and
government contributions.</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Return on capital employed</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Return on capital
employed (ROCE) is a non-GAAP measure we use to evaluate the profitability of
our invested capital. We calculate this ratio over a rolling four-quarter
period by taking earnings from continuing operations attributable to equity
holders of the Company excluding interest expense, after tax, divided by the
average capital employed. </font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Segment operating income (loss)</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Segment operating
income or loss (SOI) is a non-GAAP measure and our key indicator of each
segment&#8217;s financial performance. This measure gives us a good indication of the
profitability of each segment because it does not include the impact of any
items not specifically related to the segment&#8217;s performance. We calculate it by
using segment operating profit,</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> including the after tax share in profit of equity
accounted investees and</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> exclud</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">ing&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> net finance
expense, income taxes, </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">restructuring,
integration and acquisition costs</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> and other items not specifically
related to the segment&#8217;s performance.</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Simulator equivalent unit</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Simulator </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">equivalent unit
(SEU) is </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">an
operating</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
measure we use to show the total average number of FFSs available to generate </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">earnings&nbsp;</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
during the period. For example, in the case of a 50/50 flight training joint
venture, we will report only 50% of the FFSs deployed under this joint venture
as a SEU. If a FFS is being powered down and relocated, it will not be included
as a SEU until the FFS is re-installed and available to generate </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">earnings</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Unfunded backlog</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Unfunded backlog
is a non-GAAP measure that represents firm military orders we have received but
have not yet executed for which funding authorization has not yet been
obtained. We include unexercised</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> negotiated</font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> options with a
high probability that they will be exercised, but exclude
indefinite-delivery/indefinite-quantity (IDIQ) contracts.</font></font></p>









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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">15</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></p>


</div>
<p style="margin-bottom:3.0pt;margin-left:50.1pt;margin-right:0in;margin-top:9.0pt;text-align:justify;text-indent:-50.1pt;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;">4.</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;">CONSOLIDATED RESULTS</font></b></font><font style="vertical-align:super;"><font style="vertical-align:super;"><font color=white face=helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;text-transform:uppercase;">[3]&nbsp;</font></b></font></font></font></p>

<p style="margin-bottom:0in;margin-left:.3in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;text-transform:none;">4.1</font></b></font><font color=#777777 face="times new roman"><b><font lang=FR-CA style="font-size:7.0pt;text-transform:none;">&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;text-transform:none;">Results of our
operations &#8211; fourth quarter of fiscal 2014</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-US style="font-size:9.5pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.000000pt;">
 <tr style="height:13.5pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.0pt;">(amounts
  in millions, except per share amounts)<sup> </sup></font></i></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Q4-2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Q3-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Q2-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Q1-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Q4-2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Revenue<sup>
  </sup></font></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">583.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">513.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">487.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">530.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">565.6&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Cost
  of sales<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">416.9&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">364.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">353.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">382.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">406.6&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Gross
  profit<sup>3&nbsp;</sup></font></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">166.5&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">148.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">134.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">147.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">159.0&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=40% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">As a
  % of revenue<sup> </sup></font></i></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">%</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">28.5&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">29.0&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">27.5&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">27.8&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">28.1&nbsp;</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Research
  and development expenses<sup>3&nbsp;</sup></font></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">19.9&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">16.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">14.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">17.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">18.0&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Selling,
  general and administrative expenses<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">76.6&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">68.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">66.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">75.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">65.5&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Other
  gains &#8211; net<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">(8.1)</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(2.0)</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(5.1)</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(5.2)</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(2.9)</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">After
  tax share in profit of equity accounted investees<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">(8.1)</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(11.5)</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(7.5)</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(2.9)</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(2.3)</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Restructuring,
  integration and acquisition costs<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">-&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">-&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">-&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">-&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">13.8&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Operating
  profit<sup>3&nbsp;</sup></font></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">86.2&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">77.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">65.2&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">62.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">66.9&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=40% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">As a
  % of revenue<sup> </sup></font></i></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">%</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">14.8&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">15.1&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">13.4&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">11.8&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">11.8&nbsp;</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Finance
  income<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">(2.4)</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(2.3)</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(2.3)</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(2.8)</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(2.0)</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Finance
  expense<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">18.7&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">21.0&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">20.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">19.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">19.3&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Finance
  expense &#8211; net<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">16.3&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">18.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">18.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">17.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">17.3&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Earnings
  before income taxes<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">69.9&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">58.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">46.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">45.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">49.6&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Income
  tax expense</font></font><sup><font color=black face=arial,sans-serif><font lang=EN-US style="font-size:10.0pt;"> </font></font></sup></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">10.0&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">11.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">8.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">0.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">3.9&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=40% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">As a
  % of earnings before income taxes (income tax rate)</font></i></font><sup><font color=black face=arial,sans-serif><font lang=EN-US style="font-size:10.0pt;"> </font></font></sup></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">%</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">14&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">19&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">18&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">1&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">8&nbsp;</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Net
  income</font></font><sup><font color=black face=arial,sans-serif><font lang=EN-US style="font-size:10.0pt;"> </font></font></sup></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">59.9&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">47.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">38.2&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">45.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">45.7&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Attributable
  to:</font></font><sup><font color=black face=arial,sans-serif><font lang=EN-US style="font-size:10.0pt;"> </font></font></sup></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Equity
  holders of the Company </font></font> </p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">60.0&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">46.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">38.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">45.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">43.1&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Non-controlling
  interests</font></font><sup><font color=black face=arial,sans-serif><font lang=EN-US style="font-size:10.0pt;"> </font></font></sup></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">(0.1)</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(0.1)</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(0.2)</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">2.6&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;">  &nbsp;</p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">59.9&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">47.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">38.2&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">45.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">45.7&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=4 valign=bottom width=55% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Earnings
  per share (EPS) attributable to equity holders </font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">of
  the Company<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=42% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Basic
  and diluted</font></font><sup><font color=black face=arial,sans-serif><font lang=EN-US style="font-size:10.0pt;"> </font></font></sup></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">0.23&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">0.18&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">0.15&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">0.18&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">0.17&nbsp;</font></font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Revenue was 14% higher than last quarter
and 3% higher compared to the fourth quarter of fiscal 2013</font></b></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Revenue was $69.8&nbsp;million higher
than last quarter mainly because:</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">TS/C&#8217;s revenue increased by $26.2 million, or 15%,
mainly due to higher revenue generated in North America
and Europe as a result of higher simulator utilization rates and a favourable
foreign exchange impact on the conversion of foreign
operations into Canadian dollars;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">TS/M&#8217;s revenue increased by $15.5 million, or
21%, mainly due to </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">higher revenue from North American programs, a
favourable foreign exchange impact on the translation of foreign operations and
higher activity from our IES services business;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">SP/C&#8217;s revenue increased by $15.2 million or
14%, mainly due to </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">higher production levels resulting from an increase
in order intake</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">;&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">SP/M&#8217;s revenue increased by $13.0 million, or 10%,
mainly due to higher revenue from North American and
Australian programs and a favourable foreign exchange impact on the translation
of foreign operations. The increase was partially offset
by lower revenue from Asian programs;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">NCM&#8217;s revenue remained stable, decreasing by
$0.1 million. Lower revenue from CAE Mining was offset
by higher revenue from CAE Healthcare. In CAE Mining, revenue was lower due to
a decrease in software licence and consulting services revenue. In CAE
Healthcare, higher revenue from surgical simulators and from centre management
systems, including the impact from a stronger U.S. dollar against the Canadian
dollar, was partially offset by lower patient simulator revenue. </font></font></p>





<hr align=left size=1 width="33%">
<div id=ftn3>

<p style="margin:0in;margin-bottom:.0001pt;"><font style="vertical-align:super;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:7.0pt;">3</font></font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:7.0pt;"> &nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:7.0pt;">Non-GAAP
and other financial measures (see Section 3.6).</font></font></p>

</div>

<div>


<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">16</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


</div>
</div><hr align="center" noshade size=2 width="100%">

<div style="page-break-before:always;">&nbsp;</div><a name="page_18"></a><div style="padding-left:0%;padding-right:0%;width:100%;">

<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


</div>
<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Revenue was $17.8&nbsp;million higher
than the same period last year largely because:</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">TS/M&#8217;s revenue increased by $25.8 million, or
40%, mainly due to higher revenue from North American programs,
a favourable foreign exchange impact on the translation of foreign operations,
higher activity from our IES services business and higher revenue from our
Australian programs;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">TS/C&#8217;s revenue increased by $22.3 million, or 13%,
mainly due to a favourable foreign exchange impact on
the conversion of foreign operations into Canadian
dollars and higher revenue generated in Europe and
North America as a result of higher simulator utilization rates. The increase
was partially offset by lower revenue from our crew sourcing business;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">NCM&#8217;s revenue increased by $0.6 million or 2%,
mainly due to higher revenue from CAE Healthcare, partially offset by lower
revenue from CAE Mining. In CAE Healthcare, revenue was higher due to an
increase in surgical and patient simulator revenue, including the impact of a
stronger U.S. dollar against the Canadian dollar. In CAE Mining, revenue was
lower due to a decrease in software licence and consulting services revenue;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">SP/C&#8217;s revenue decreased by $18.3 million, or 13%,
mainly due to lower revenue attributed to partially
manufactured simulators;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">SP/M&#8217;s revenue decreased by $12.6 million, or 8%,
mainly due to lower revenue from Asian and Australian
programs. The decrease was partially offset by a favourable foreign exchange impact
on the translation of foreign operations.</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">You will find more details in </font></font><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Results
by segment</font></i></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Operating profit was $8.6 million higher
than last quarter and $19.3&nbsp;million higher compared to the fourth quarter
of fiscal 2013</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Operating profit this quarter was
$86.2 million or 14.8% of revenue, compared to $77.6 million or 15.1% of
revenue last quarter and $66.9 million or 11.8% of revenue in the fourth
quarter of fiscal 2013. The increase over the fourth quarter of fiscal 2013 was
mainly due to restructuring, integration and acquisition costs of $13.8 million
recorded during that quarter. Segment operating income for the fourth quarter
of fiscal 2013 was $80.7 million, or 14.3% of revenue.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&#160;&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Segment operating income<sup>4</sup>
increased by $8.6 million, or 11% compared to last quarter. Increases in
segment operating income of $14.4&nbsp;million for TS/C and $1.0 million for
TS/M, were partially offset by decreases in segment operating income of $4.0
million, <br>
$1.6 million and $1.2 million in SP/M, SP/C and NCM respectively. </font></font><font style="vertical-align:super;"><font style="vertical-align:super;"><font color=white face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">[4]&nbsp;</font></font></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Segment operating income increased
by $5.5 million, or 7% compared to the fourth quarter of fiscal 2013. The
increase in segment operating income of $12.0 million from TS/C was partially
offset by decreases in segment operating income of $4.7 million, <br>
$1.6 million, $0.1 million and $0.1 million from SP/C, NCM, SP/M and TS/M
respectively.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">You will find more details in </font></font><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Results
by segment</font></i></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Net finance
expense was $2.4 million lower than last quarter and $1.0&nbsp;million lower
compared to the fourth quarter of fiscal 2013</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The decrease from last quarter was mainly
due to lower finance expense on royalty obligations. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The decrease from the fourth
quarter of fiscal 2013 was mainly due to lower finance expense on royalty
obligations, partially offset by an increase in R&amp;D obligations.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Effective income tax rate was 14% this
quarter</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Income taxes this quarter were
$10.0 million, representing an effective tax rate of 14%, compared to 19% last
quarter and 8% for the fourth quarter of fiscal 2013. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The decrease in the effective tax rate
from the last quarter was mainly due to a change in the substantively enacted
tax rates of Germany, United Kingdom and Norway, the settlement of tax audits
in the quarter, as well as the change in the mix of income from various jurisdictions.
Excluding the effect of the change in the tax rates and the settlement of tax
audits, the income tax rate for the quarter would have been 21%.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The increase in the effective tax rate
from the fourth quarter of fiscal year 2013 was mainly due to the settlement of
tax audits in the fourth quarter of fiscal year 2013, in addition to the change
in the mix of income from various jurisdictions.</font></font></p>





<hr align=left size=1 width="33%">
<div id=ftn4>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="vertical-align:super;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:7.0pt;">4</font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:7.0pt;"> Non-GAAP and other financial measures (see
Section 3.6).</font></font></p>

</div>

<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">17</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


</div>
</div><hr align="center" noshade size=2 width="100%">

<div style="page-break-before:always;">&nbsp;</div>
&nbsp; <a name="page_19"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0in 0.4in;page-break-after:avoid;text-indent:-0.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">4.2</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">Results of our operations &#8211; fiscal 2014</font></b></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:13.5pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;border-bottom:#5a5a5a 1pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">(amounts in millions, except per share amounts)</font></i></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">FY2014</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">FY2013</font></font></p></td>
 <td valign=bottom width=1% style="background:white;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2,114.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2,035.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Cost of sales</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1,518.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,450.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Gross profit</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">596.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">584.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">As a % of revenue</font></i></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">%</font></i></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">28.2&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">28.7&nbsp;</font></i></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Research and development expenses</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">68.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">60.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Selling, general and administrative expenses</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">287.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">264.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Other gains &#8211; net</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(20.4)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(22.4)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">After tax share in profit of equity accounted investees</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(30.0)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(20.1)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Restructuring, integration and acquisition costs</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">68.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Operating profit</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">291.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">234.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=66% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">As a % of revenue</font></i></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">%</font></i></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">13.8&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">11.5&nbsp;</font></i></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Finance income</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(9.8)</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(9.4)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">Finance expense</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">80.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">74.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">Finance expense &#8211; net</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">70.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">65.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Earnings before income taxes</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">221.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">168.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Income tax expense</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">30.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">28.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=66% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:8.5pt;">As a % of earnings before income taxes (tax rate)</font></i></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">%</font></i></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">14&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:8.5pt;">17&nbsp;</font></i></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">Net income</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">191.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">140.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Attributable to:</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Equity holders of the Company </font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">190.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">137.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">Non-controlling interests</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">3.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">191.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">140.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=4 valign=bottom width=83% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">EPS attributable to equity holders of the Company</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=68% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Basic and diluted</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.73&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.53&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 1pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Revenue was 4% or $79.7 million higher than last year</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Revenue was higher than last year mainly because:</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt 11.4pt;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">TS/C&#8217;s revenue increased by $55.5 million, or 8%, due to the integration into our results of </font></font><font color=black face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Oxford Aviation Academy Luxembourg S.&#224; r.l. (</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">OAA) acquired in May 2012, a favourable foreign exchange impact on the conversion of foreign operations into Canadian dollars and higher revenue generated in North America and Asia as a result of higher simulator utilization rates. The increase was partially offset by lower revenue from our crew sourcing business and our training business in South America and Europe;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt 11.4pt;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">TS/M&#8217;s revenue increased by $48.7 million, or 20%, mainly due to new contracts signed in the current year in North America and Australia combined with programs where the construction phase was completed and are now in the in-service support phase for the same regions. The increase was also due to a favourable foreign exchange impact on the translation of foreign operations, increased activity in our IES services business and higher revenue from European programs. The increase was partially offset by the creation of a joint venture in late fiscal 2013 now accounted for as an equity investee, whereas it was previously accounted for as a joint operation and proportionally consolidated;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt 11.4pt;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">SP/C&#8217;s revenue remained stable, increasing by $4.6 million. </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;letter-spacing:-0.15pt;">The increase related to </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">higher production levels resulting from an increase in order intake and backlog was offset by lower revenue attributed to partially manufactured simulators;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt 11.4pt;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">NCM&#8217;s revenue increased by $4.1 million, or 4%, mainly due to higher revenue from CAE Healthcare, partially offset by lower revenue from CAE Mining. In CAE Healthcare, higher ultrasound task trainer and surgical simulator revenue and higher centre management system revenue, including the impact from a stronger U.S. dollar against the Canadian dollar and an expanded installation base, was partially offset by lower patient simulator revenue. In CAE Mining, revenue was lower due to the cyclical downturn in the mining industry, with lower software licence and consulting services revenue partially offset by an increase in software maintenance revenue;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt 11.4pt;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">SP/M&#8217;s revenue decreased by $33.2 million, or 6%, mainly due to lower revenue from certain Australian and North American programs for which the construction phase was completed and we are now in the in-service support phase. The decrease was also due to lower activity in our IES products business and lower revenue from European and Asian programs. The decrease was partially offset by a favourable foreign exchange impact on the translation of foreign operations.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt 11.4pt;text-align:justify;text-indent:0in;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">You will find more details in </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Results by segment.</font></i></font></p>

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<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">18</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></font></p></div>

<p style="margin:0in 0in 1pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Gross profit was $12.1 million higher than last year</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The gross profit was $596.9&nbsp;million this year, or 28.2% of revenue compared to $584.8&nbsp;million or 28.7% of revenue last year. As a percentage of revenue, gross profit was stable when compared to last year.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 1pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Operating profit was $57.8&nbsp;million higher than last year</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Operating profit this year was $291.8 million, or 13.8% of revenue, compared to $234.0 million, or 11.5% of revenue last year. The increase from last year was mainly due to restructuring, integration and acquisition costs of $68.7 million recorded last year. Segment operating income was $302.7 million, or 14.9% of revenue last year. </font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Segment operating income decreased $10.9 million, or 4% compared to last year. Decreases in segment operating income of <br>$4.7 million, $4.4 million, $2.6 million and $2.2 million from SP/C, TS/C, SP/M and NCM respectively, were partially offset by an increase in segment operating income of $3.0 million from TS/M. </font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">You will find more details in </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Results by segment.</font></i></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Net finance expense was $5.6&nbsp;million higher than last year</font></b></font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=82% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">FY2013 to</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
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  <td colspan=2 valign=bottom width=84% style="background:white;border-bottom:#5a5a5a 1pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">(amounts in millions)</font></i></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">FY2014</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
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  <td colspan=2 valign=bottom width=84% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Finance expense, prior period</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">74.5&nbsp;</font></b></font></p></td>
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  <td valign=bottom width=2% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=82% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Increase in finance expense on long-term debt (other than finance lease obligations)</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">7.5&nbsp;</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=82% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Decrease in finance expense on finance lease obligations</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(0.2)</font></b></font></p></td>
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  <td valign=bottom width=2% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=82% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Decrease in finance expense on royalty obligations</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(2.1)</font></b></font></p></td>
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  <td valign=bottom width=2% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=82% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Increase in other finance expense</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.7&nbsp;</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=82% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">Decrease in borrowing costs capitalized</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(0.9)</font></b></font></p></td>
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<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=84% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Increase in finance expense from the prior period</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">6.0&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=84% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Finance income, prior period</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(9.4)</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=82% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Decrease in interest income on loans and receivables</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=82% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Increase in other interest income</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(0.8)</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=84% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Increase in finance income from the prior period</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(0.4)</font></b></font></p></td>
 </tr>
<tr style="height:13.5pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=84% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Net finance expense, current period</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">70.7&nbsp;</font></b></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Net finance expense was $70.7 million this year, $5.6 million or 9% higher than last year. The increase was mainly due to higher interest expense resulting from the private placement of senior notes issued in December 2012 and an increase in R&amp;D obligations, partially offset by lower interest expense due to a reduced use of credit facilities and lower finance expense on royalty obligations.&nbsp; </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 1pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Effective income tax rate is 14%</font></b></font></p>

<p style="margin:0in 0in 0pt;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">This fiscal year, income taxes were $30.0&nbsp;million, representing an effective tax rate of 14%, compared to 17% for the same period last year. </font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The decrease in the effective tax rate compared to fiscal year 2013 is mainly due to the change in the mix of income from various jurisdictions. </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Significant elements impacting the </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">2014 effective tax rate include a favourable decision by the Federal Court of Appeal of Canada, rendered April 17, 2013, with respect to the tax treatment of the depreciation and sale of simulators in Canada, a change in the substantively enacted tax rates of Germany, United Kingdom and Norway as well as the settlement of tax audits during the year. Other than the mix of income, significant elements impacting the fiscal year 2013 tax rate included the settlement of tax audits.</font></font></p>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">19</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_21"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></p></div>

<p style="margin:0in 0in 0in 0.4in;page-break-after:avoid;text-indent:-0.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">4.3</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">Consolidated orders and backlog</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our consolidated backlog was $4,205.6 million at the end of fiscal 2014, which is 13% higher than last year. New orders of $2,380.3&nbsp;million increased the backlog this year, while $2,114.9&nbsp;million in revenue was generated from the backlog.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Backlog up by 13% over last year</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:6pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">FY2014</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">FY2013</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Backlog, beginning of period</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">3,717.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3,379.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">+ orders</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2,380.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2,139.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">- revenue</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(2,114.9)</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(2,035.2)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">+ / - adjustments </font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">222.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">234.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Backlog, end of period</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">4,205.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3,717.8&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">In fiscal 2014, adjustments included $222.4 million related to a positive foreign exchange impact.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">In fiscal 2013, adjustments included $234.3 million worth of backlog added as a result of the acquisition of OAA</font></font><font color=black face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> and a reduction of an existing order of Level B simulators originating in 2006.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The book-to-sales ratio for the quarter was 0.97x. The ratio for the last 12 months was1.13x.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 2pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Following the implementation of the new IFRS 11, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Joint Arrangements</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, discussed in </font></font><font face=Helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">Changes in accounting policies</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">:&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt 11.4pt;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The expected value of orders contracted by our joint ventures in which we have an ownership interest are excluded from CAE&#8217;s backlog;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt 11.4pt;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The full value of orders between us and our joint ventures is included in CAE&#8217;s backlog.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 2pt;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our consolidated backlog as at March 31, 2013 was restated accordingly.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt;text-align:justify;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our combined military unfunded backlog<sup>5</sup> was $406.7 million at March 31, 2014. In addition, our joint venture backlog<sup>5</sup>, which represents the expected value of our share of orders that our joint ventures have received but have not yet executed, was <br>$392.5 million</font></font><sup>
<sup><sup><font color=white face=calibri,sans-serif><font lang=EN-CA style="font-size:8.5pt;">[5]</font></font></sup></sup></sup><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">at March 31, 2014. These are not included in the consolidated backlog presented in the table above.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">You will find more details in </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Results by segment</font></i></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">.&nbsp;</font></font></p>

<hr align=left size=1 width="33%">



<div id=ftn5>

<p style="margin:0in 0in 0pt;"><font style="vertical-align:super;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:7pt;">5</font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:7pt;"> &nbsp;</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:7pt;">Non-GAAP and other financial measures (see Section 5).</font></font></p></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">20</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>
<a name="page_22"></a><div style="padding-left:0%;padding-right:0%;width:100%;">

<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


</div>
<p style="margin-bottom:3.0pt;margin-left:50.1pt;margin-right:0in;margin-top:9.0pt;text-align:justify;text-indent:-50.1pt;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;">5.</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;">RESULTS BY SEGMENT</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We manage our
business and report our results in five segments:</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Civil segments:</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Training &amp; Services/Civil (TS/C);</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Simulation Products/Civil (SP/C).</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Military segments:</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Simulation Products/Military (SP/M);</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Training &amp; Services/Military (TS/M).</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">New Core Markets (NCM) segment.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Transactions between operating
segments are mainly simulator transfers from the SP/C segment to the TS/C
segment and are recorded at cost.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The method used for the allocation
of assets jointly used by the operating segments and costs and liabilities
jointly incurred (mostly corporate costs) between operating segments is based
on the level of utilization when determinable and measurable, otherwise the
allocation is based on a proportion of each segment&#8217;s cost of sales.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Unless
otherwise indicated, elements within our segment revenue and segment operating
income analysis are presented in order of magnitude.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.000000pt;">
 <tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">KEY
  PERFORMANCE INDICATORS</font></b></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=7% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=7% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=7% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:9.0pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Segment
  operating income</font></b></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:16.5pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=39% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.0pt;">(amounts in millions, except operating margins)</font></i></font></p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">FY2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">FY2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Q4-2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Q3-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=7% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Q2-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=7% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Q1-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=7% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Q4-2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:16.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Civil
  segments</font></i></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"> &nbsp;</p>
  </td>
 <td colspan=3 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"> &nbsp;</p>
  </td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Training
  &amp; Services/Civil</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">96.3&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">100.7&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">36.9&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">22.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">19.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">17.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">24.9&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">%</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">13.5&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">15.3&nbsp;</font></i></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">18.6&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">13.1&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">11.7&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">9.8&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">14.1&nbsp;</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Simulation
  Products/Civil</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">83.5&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">88.2&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">21.1&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">22.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">19.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">20.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">25.8&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">%</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">18.1&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">19.3&nbsp;</font></i></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">16.9&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">20.7&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">19.0&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">16.3&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">18.0&nbsp;</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Military
  segments</font></i></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Simulation
  Products/Military</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">77.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">80.0&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">19.3&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">23.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">18.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">16.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">19.4&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">%</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">14.6&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">14.2&nbsp;</font></i></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">13.7&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">18.3&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">14.8&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">12.0&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">12.7&nbsp;</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Training
  &amp; Services/Military</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">30.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">27.4&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">8.7&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">7.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">6.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">7.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">8.8&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">%</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">10.4&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">11.2&nbsp;</font></i></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">9.7&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">10.4&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">10.2&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">11.6&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">13.8&nbsp;</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">New
  Core Markets</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">4.2&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">6.4&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">0.2&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1.0&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1.8&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">%</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">3.6&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">5.7&nbsp;</font></i></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">0.7&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">4.7&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">3.7&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">5.4&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">6.2&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Total
  segment operating income (SOI)</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">291.8&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">302.7&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">86.2&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">77.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">65.2&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">62.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">80.7&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Restructuring,
  integration and acquisition costs</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">-&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(68.7)</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">-&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">-&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">-&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">-&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(13.8)</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=34% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Operating
  profit</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">291.8&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">234.0&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">86.2&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">77.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">65.2&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">62.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">66.9&nbsp;</font></font></p>
  </td>
 </tr>
</table></div>





<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">21</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


</div>
</div><hr align="center" noshade size=2 width="100%">

<div style="page-break-before:always;">&nbsp;</div><a name="page_23"></a><div style="padding-left:0%;padding-right:0%;width:100%;">

<div>


<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></p>


</div>
<p style="line-height:.7pt;margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Capital
employed<sup>6</sup></font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><sup><font color=white face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></sup></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.000000pt;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=29% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=5% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">March
  31</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">December
  31</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">September
  30</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">June
  30</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">March
  31</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=29% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.0pt;">(amounts in millions)</font></i></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2014&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2013&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2013&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2013&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2013&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=29% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">Civil segments</font></i></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"> &nbsp;</p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=29% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Training &amp;
  Services/Civil</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1,703.1&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,612.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,515.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,520.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,464.7&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=29% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Simulation
  Products/Civil</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">73.2&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">52.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">52.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">104.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">56.4&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=29% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">Military segments</font></i></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=29% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Simulation
  Products/Military</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">354.9&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">382.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">340.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">344.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">326.1&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=29% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Training &amp;
  Services/Military</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">212.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">194.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">177.0&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">174.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">152.0&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=29% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">New Core Markets</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">222.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">217.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">205.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">207.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">199.2&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=29% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2,566.0&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2,459.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2,291.2&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2,351.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2,198.4&nbsp;</font></font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">5.1&#160;&#160;&#160;&#160; Civil
segments</font></b></font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">FISCAL 2014 EXPANSIONS AND NEW INITIATIVES</font></b></font><font style="vertical-align:super;"><font style="vertical-align:super;"><font color=white face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">[6]&nbsp;</font></b></font></font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:5.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Expansions</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our
joint venture Emirates-CAE Flight Training (ECFT) inaugurated its second pilot
training facility in Dubai, UAE;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
announced the introduction of 35 new Piper airplanes to our CAE Oxford Aviation
Academy fleet;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">ECFT
announced that its dual configuration FFS for Bombardier Challenger 604 and
Challenger 605 business jets has received certification from various countries
and also announced that it will deploy a Bombardier Global 5000/6000 business
jets FFS equipped with the Bombardier Vision flight deck, which is expected to
enter into service at the end of 2014;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
announced, with Bombardier, the expansion of the Authorised Training Partner
(ATP) agreement in Europe with the addition of a Bombardier Challenger 605
aircraft FFS and the deployment of a new Bombardier Global 5000/6000 business
jets FFS equipped with the Bombardier Vision flight deck in our Amsterdam
training centre;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
announced, with Aviation Performance Solutions (APS), an extension of our
partnership to provide Upset Prevention and Recovery Training (UPRT) for
business aircraft pilots in Europe. The program uses proven e-Learning
web-based academics, <br>
in-aircraft practical skill development and FFS exercises and scenarios;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
launched a new MPL training program with Tigerair. In support of this program,
we announced that we will open an ab initio ground school training centre in
Singapore;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
commenced training at the CAE Simulation Training P.L. centre in Delhi, India.
The training centre is a joint venture between CAE and Interglobe, parent
company of IndiGo;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
announced an agreement with Airbus Helicopters (formerly Eurocopter Group) to
create an approved EC225 helicopter training centre in Norway featuring a Level
D flight and mission simulator;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
announced the addition of a fourth Dassault Falcon 7X FFS to our global
training network. The simulator is expected to be ready for training in 2015;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
deployed a Boeing 737 NG FFS to the Air France training centre located in Orly,
France;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
announced, with Dassault, an agreement naming CAE as the exclusive
Dassault-Approved Training Provider for the <br>
newly-launched Dassault Falcon 5X long-range business jet.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:5.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">New programs and products</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
introduced CAE Tropos&#8482;-6000XR, the latest generation of our market-leading
visual image generator for civil aviation training. The software provides a
more immersive environment and an enhanced pilot training experience;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
announced maintenance training on the new Dassault Falcon 2000 LXS and 2000S
aircraft platforms, including EASy II and launched CAE RealCase Troubleshooting
for the Dassault Falcon 7X, Falcon 900EX EASy, and Falcon 2000EX EASy models;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
announced the introduction of the CAE 7000XR Series FFS, leveraging the latest
advancements in technology and training capabilities and setting a new standard
in level D FFSs. </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">This
latest evolution of CAE&#8217;s industry </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">benchmark FFS is designed to
optimize life-cycle costs for our customers and to address new and future
training requirements.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>


<hr align=left size=1 width="33%">
<div id=ftn6>

<p style="margin:0in;margin-bottom:.0001pt;"><font style="vertical-align:super;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:7.0pt;">6</font></font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:7.0pt;"> Non-GAAP and
other financial measures (see section 3.6).</font></font></p>

</div>

<div>


<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">22</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


</div>
</div><hr align="center" noshade size=2 width="100%">

<div style="page-break-before:always;">&nbsp;</div><a name="page_24"></a><div style="padding-left:0%;padding-right:0%;width:100%;">

<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


</div>
<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.000000pt;">
 <tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=35% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">COMBINED FINANCIAL RESULTS</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=25% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.0pt;">(amounts
  in millions, except operating margins)</font></i></font></p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.0pt;">FY2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.0pt;">FY2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.0pt;">Q4-2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.0pt;">Q3-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.0pt;">Q2-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.0pt;">Q1-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.0pt;">Q4-2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Revenue</font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">1,176.7&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,116.6&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">323.5&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">282.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">269.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">301.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">319.5&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Segment
  operating income</font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">179.8&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">188.9&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">58.0&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">45.2&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">39.0&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">37.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">50.7&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Operating
  margins</font></i></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">%</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">15.3&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">16.9&nbsp;</font></i></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">17.9&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">16.0&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">14.5&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">12.5&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">15.9&nbsp;</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Backlog</font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">2,161.7&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,722.6&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">2,161.7&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">2,081.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,997.0&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,754.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,722.6&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:9.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=17 valign=bottom width=100% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">For the fourth quarter of fiscal 2014, combined civil revenue
  was $323.5 million, up 15% over last quarter. Both civil segments contributed
  to the increase mainly resulting from an increase in training revenue due to
  a higher utilization rate on the FFSs in our network, most notably in North
  America and Europe, as well as an increase in product revenue due to higher
  FFS production levels driven by an increase in order intake. Combined civil
  segment operating margin was 17.9%, up from 16.0% last quarter. The higher
  margin is the reflection of the increased training revenue following a higher
  utilization rate on FFS in our training network.</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=14 valign=bottom width=89% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=17 valign=bottom width=100% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">For fiscal 2014, combined civil revenue was $1,176.7 million, up
  5% over last year mainly as a result of the integration into our results of
  OAA. Combined civil segment operating margin was 15.3%, down from 16.9% last
  year. The lower margin was mainly the result of lower utilization on FFS in
  our training network as well as higher costs associated with the
  operationalization of new training centres in Asia, relocation of simulators
  and severance expenses.</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=14 valign=bottom width=89% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=14 valign=bottom width=89% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The
  combined civil book-to-sales ratio was 1.08x  for the quarter and 1.28x on a
  trailing 12-month basis.</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=14 valign=bottom width=89% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=14 valign=bottom width=89% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The
  joint venture backlog was $263.1 million at March 31, 2014.</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">TRAINING &amp;
SERVICES/CIVIL</font></b></font><font style="vertical-align:super;"><font style="vertical-align:super;"><font color=white face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">[7]&nbsp;</font></b></font></font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">TS/C obtained contracts this quarter expected to
generate future revenues of </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">$</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">247.5&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> million, including:</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">A long-term contract with</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> Turkish Airlines for
pilot training services;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">A </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">long-term </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">contract
renewal with Aerovias del Continente Americano S.A. for maintenance of their
flight training devices and pilot training services;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">A </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">long-term </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">contract
renewal with Robert Bosch GmbH for pilot training services;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">A long-term contract with</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> WorldWide Jet Charter
LLC for pilot training services.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.000000pt;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Financial results</font></b></font><sup><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;"> </font></font></sup></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:24.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=25% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.0pt;">(amounts in millions,
  except operating margins, SEU and FFSs deployed)</font></i></font></p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">FY2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">FY2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Q4-2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q3-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q2-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q1-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q4-2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">715.3&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">659.8&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">198.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">172.2&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">166.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">178.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">176.1&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Segment operating
  income<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">96.3&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">100.7&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">36.9&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">22.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">19.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">17.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">24.9&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">Operating margins<sup>
  </sup></font></i></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">%</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">13.5&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">15.3&nbsp;</font></i></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">18.6&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">13.1&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">11.7&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">9.8&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">14.1&nbsp;</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Depreciation and
  amortization<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">98.3&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">92.5&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">25.8&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">23.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">23.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">25.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">23.6&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Property, plant and
  equipment<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=21% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">expenditures<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">120.5&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">71.4&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">52.9&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">30.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">16.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">20.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">5.8&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Intangible assets and
  other  </font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=21% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">assets expenditures<sup>
  </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">17.0&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">19.8&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">4.0&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3.0&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">7.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2.7&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Capital employed<sup>
  </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1,703.1&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,464.7&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1,703.1&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,612.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,515.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,520.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,464.7&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Backlog<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1,597.7&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,311.6&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1,597.7&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,502.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,445.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,300.0&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,311.6&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">SEU<sup>7&nbsp;</sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">191&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">181&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">194&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">190&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">188&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">190&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">187&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">FFSs deployed<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">239&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">227&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">239&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">238&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">233&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">230&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">227&nbsp;</font></font></p>
  </td>
 </tr>
</table></div>





<hr align=left size=1 width="33%">
<div id=ftn7>

<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="vertical-align:super;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:7.0pt;">7</font></font></font></font><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:7.0pt;"> &nbsp;</font></font></font><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:7.0pt;">Non-GAAP
and other financial measures (see Section 3.6).</font></font></font></p>

</div>

<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">23</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


</div>
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<div style="page-break-before:always;">&nbsp;</div>
&nbsp; <a name="page_25"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 1pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Revenue up 15% over last quarter and up 13% over the fourth quarter of fiscal 2013</font></b></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The increase over last quarter was mainly due to higher revenue generated in North America and Europe as a result of higher simulator utilization rates and a favourable foreign exchange impact on the conversion of foreign operations into Canadian dollars.</font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The increase over the fourth quarter of fiscal 2013 was mainly due to a favourable foreign exchange impact on the conversion of foreign operations into Canadian dollars and higher revenue generated in Europe and North America as a result of higher simulator utilization rates. The increase was partially offset by lower revenue from our crew sourcing business.</font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 1pt;text-align:justify;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Revenue was $715.3 million this year, 8% or $55.5 million higher than last year</font></b></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The increase was mainly due to the integration into our results of OAA acquired in May 2012, a favourable foreign exchange impact on the conversion of foreign operations into Canadian dollars and higher revenue generated in North America and Asia as a result of higher simulator utilization rates. The increase was partially offset by lower revenue from our crew sourcing business and our training business in South America and Europe.</font></font></p>

<p style="line-height:normal;margin:9pt 0in 1pt;text-align:justify;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Segment operating income up 64% over last quarter and up 48% over the fourth quarter of fiscal 2013</font></b></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Segment operating income was $36.9 million (18.6% of revenue) this quarter, compared to $22.5 million (13.1% of revenue) last quarter and $24.9 million (14.1% of revenue) in the fourth quarter of fiscal 2013.</font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Segment operating income increased by $14.4 million, or 64%, over last quarter. The increase was mainly due to higher revenue in North America and Europe, gains on disposal of two FFSs and </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">a favourable foreign exchange impact on the conversion of foreign operations into Canadian dollars</font></font><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;&nbsp;</font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Segment operating income increased by $12.0 million, or 48%, over the fourth quarter of fiscal 2013. The increase was mainly due to </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">higher profit from equity accounted investees (joint ventures)</font></font><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">, higher revenue in Europe, </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">a favourable foreign exchange impact on the conversion of foreign operations into Canadian dollars and gains on disposal of two FFSs.</font></font></p>

<p style="line-height:normal;margin:9pt 0in 1pt;text-align:justify;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Segment operating income was $96.3&nbsp;million, 4% or $4.4 million lower than last year</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Segment operating income was $96.3&nbsp;million (13.5% of revenue) this year, compared to $100.7&nbsp;million (15.3% of revenue) last year. </font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The decrease was mainly due to lower revenue in South America and higher costs associated with the operationalization of new training centres in Asia, relocation of FFSs and severance expenses. The decrease was partially offset by higher profit from equity accounted investees (joint ventures), gains on the reversal of an OAA acquisition&#8209;related provision and on disposal of FFSs and the integration into our results of OAA acquired in May 2012. The increase was also explained by a favourable foreign exchange impact on the conversion of foreign operations into Canadian dollars, which was partially offset by an unfavourable foreign exchange impact from the revaluation of our non-cash working capital accounts.</font></font></p>

<p style="line-height:normal;margin:9pt 0in 1pt;text-align:justify;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Property, plant and equipment expenditures at $52.9 million this quarter and $120.5 million for the year</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Maintenance capital expenditures were $7.8 million for the quarter and $28.3 million for the year. Growth capital expenditures were $45.1 million for the quarter and $92.2 million for the year. </font></font></p>

<p style="line-height:normal;margin:0in 0in 1pt;text-align:justify;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 1pt;text-align:justify;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Capital employed increased by $90.4 million over last quarter and by $238.4 million over last year</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The increase in capital employed over the last quarter and over last year was mainly due </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">to higher property, plant and equipment and intangible assets resulting mainly from movements in foreign exchange rates and </font></font><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">an increase in the value of our investments </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">in equity accounted investees</font></font><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> due to movements in foreign exchange rates and increased profitability.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:0.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Backlog was at $1,597.7 million at the end of the year</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">(amounts in millions)</font></i></font></p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">FY2014</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=27% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">FY2013</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Backlog, beginning of period</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1,311.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">937.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">+ orders</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">898.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">778.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">- revenue</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(715.3)</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(659.8)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">+ / - adjustments</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">102.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">255.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">Backlog, end of period</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1,597.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">1,311.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:9.75pt;page-break-inside:avoid;">
  <td colspan=7 valign=bottom width=100% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;text-justify:distribute-all-lines;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Fiscal 2014 adjustments are mainly due to foreign exchange movements. Adjustments in fiscal 2013 were mainly due to</font></font></p></td>
 </tr>
<tr style="height:9.75pt;page-break-inside:avoid;">
  <td colspan=7 valign=bottom width=100% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$254.0 million worth of backlog added as a result of the acquisition of OAA.</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=6 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">This quarter's book-to-sales ratio was 1.25x. The ratio for the last 12 months was 1.26x.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The joint venture backlog was $263.1 million at March 31, 2014.</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">24</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>
<a name="page_26"></a><div style="padding-left:0%;padding-right:0%;width:100%;">

<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


</div>
<p style="line-height:.7pt;margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">SIMULATION
PRODUCTS/CIVIL</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">SP/C was awarded contracts for the following </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">8&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> FFSs this quarter:</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">One Boeing 737-800W FFS to Southwest Airlines;</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">One Airbus A320 FFS to Lufthansa Flight Training;</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">One Airbus A320 FFS to CAE Flight Training
(India) Private Limited, a joint venture between CAE and InterGlobe;</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Five FFSs, three Airbus A320s, one Boeing 737NG and
one Boeing 777 to undisclosed customers;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">This brings SP/C&#8217;s order intake for the year to </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">48&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> FFSs.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.000000pt;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Financial results</font></b></font><sup><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;"> </font></font></sup></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:24.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=25% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.0pt;">(amounts in millions,
  except operating margins)</font></i></font></p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">FY2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">FY2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Q4-2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q3-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q2-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q1-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q4-2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">461.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">456.8&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">125.1&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">109.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">102.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">123.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">143.4&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Segment operating
  income<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">83.5&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">88.2&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">21.1&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">22.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">19.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">20.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">25.8&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">Operating margins<sup>
  </sup></font></i></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">%</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">18.1&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">19.3&nbsp;</font></i></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">16.9&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">20.7&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">19.0&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">16.3&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">18.0&nbsp;</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Depreciation and
  amortization<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">12.2&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">8.6&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">3.5&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3.0&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Property, plant and
  equipment<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=21% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">expenditures<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">7.8&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">4.9&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">4.1&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.2&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.6&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Intangible assets and
  other  </font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=21% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">assets expenditures<sup>
  </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">23.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">20.4&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">8.0&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">5.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">4.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">5.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">5.5&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Capital employed<sup>
  </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">73.2&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">56.4&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">73.2&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">52.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">52.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">104.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">56.4&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Backlog<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">564.0&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">411.0&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">564.0&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">579.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">551.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">454.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">411.0&nbsp;</font></font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Revenue up 14%
over last quarter and down 13% from the fourth quarter of fiscal 2013</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The increase over last quarter was
mainly due to higher production levels resulting from an increase in order
intake.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The decrease from the fourth
quarter of fiscal 2013 was mainly due to lower revenue attributed to partially
manufactured simulators. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Revenue was $461.4
million for the year, stable compared to last year</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;">The increase </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;letter-spacing:-.15pt;">related
</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;">to </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">higher production levels resulting from an
increase in order intake and backlog was offset by lower revenue attributed to
partially manufactured simulators.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;letter-spacing:-.15pt;">&nbsp;</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Segment operating
income down 7% from last quarter and down 18% from the fourth quarter of fiscal
2013</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Segment operating income was $21.1
million (16.9% of revenue) this quarter, compared to $22.7 million (20.7% of
revenue) last quarter and $25.8 million (18.0% of revenue) in the fourth
quarter of fiscal 2013.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The decrease from last quarter was
mainly due lower project margins resulting from a less favourable program mix
and higher selling, general and administrative expenses in support of increased
sales activity, partially offset by higher revenue, as mentioned above.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The decrease from the fourth
quarter of fiscal 2013 was mainly due to lower revenue, as mentioned above, and
an unfavourable foreign exchange impact. The decrease was partially offset by
lower research and development expenses net of government funding.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Segment operating
income was $83.5&nbsp;million for the year, 5% or $4.7&nbsp;million lower than
last year</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;">Segment operating income was </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;letter-spacing:-.15pt;">$83.5&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;"> million (</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;letter-spacing:-.15pt;">18.1</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;">% of revenue) this year, compared to $</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;letter-spacing:-.15pt;">88.2&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;"> million (</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;letter-spacing:-.15pt;">19.3</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;">% of revenue) last
year.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;">The </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;letter-spacing:-.15pt;">decrease&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;"> was </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;letter-spacing:-.15pt;">mainly </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;">due to </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">an unfavourable foreign exchange impact and higher
selling, general and administrative expenses, partially offset by a favourable
program mix.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;letter-spacing:-.15pt;">&nbsp;</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Capital employed
increased by $20.7 million over last quarter and by $16.8 million over last
year</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;">Capital employed was </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;letter-spacing:-.15pt;">higher </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;">than last quarter mainly due to </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;letter-spacing:-.15pt;">higher contracts in progress
assets, partially offset by a decrease in accounts receivable. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;">Capital employed was </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;letter-spacing:-.15pt;">higher </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;letter-spacing:-.15pt;">than last year mainly due to </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;letter-spacing:-.15pt;">an increase in inventories, intangible assets resulting
from investments in development costs and accounts receivable, partially offset
by increase in contracts
in progress liabilities.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:8.5pt;letter-spacing:-.15pt;">&nbsp;</font></font></p>


<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">25</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


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<div style="page-break-before:always;">&nbsp;</div>
&nbsp; <a name="page_27"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></p></div>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:0.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;letter-spacing:-0.15pt;">Backlog up 37% compared to last year</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;letter-spacing:-0.15pt;">(amounts in millions)</font></i></font></p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;letter-spacing:-0.15pt;">FY2014</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=27% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">FY2013</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">Backlog, beginning of period</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;letter-spacing:-0.15pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;letter-spacing:-0.15pt;">411.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">385.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">+ orders</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;letter-spacing:-0.15pt;">608.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">494.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">- revenue</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;letter-spacing:-0.15pt;">(461.4)</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">(456.8)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">+ / - adjustments</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;letter-spacing:-0.15pt;">6.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">(12.4)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">Backlog, end of period</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;letter-spacing:-0.15pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;letter-spacing:-0.15pt;">564.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">411.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=6 width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">Fiscal 2014 adjustments are mainly due to foreign exchange movements. Adjustments in fiscal 2013 were mainly due to a reduction of an existing order of Level B simulators originating in 2006.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=6 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">This quarter's book-to-sales ratio was 0.82x. The ratio for the last 12 months was 1.32x.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=6 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=6 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;letter-spacing:-0.15pt;">There was no joint venture backlog at March 31, 2014.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0in 0.4in;page-break-after:avoid;text-indent:-0.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">5.2</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Military segments</font></b></font></p>

<p style="margin:6pt 0in 0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">FISCAL 2014 EXPANSIONS AND NEW INITIATIVES</font></b></font></p>

<p style="line-height:9.5pt;margin:5pt 0in 1pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Expansions</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We commenced construction of the new CAE Brunei Multi-Purpose Training Centre (MPTC) in Rimba, Brunei Darussalam which is now at the completion phase. The centre is expected to be operational by the end of spring 2014.&nbsp; We also </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">announced jointly with the Government of Brunei that MPTC will establish an Emergency and Crisis Management Centre of Excellence to support disaster preparedness</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">;&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-CA style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We are providing on-site training support services at the Army Aviation Training Centre in Queensland, Australia, following the acceptance into service of the world&#8217;s first Level D certified NH90 full-flight and mission simulator;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-CA style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We installed a CAE 5000 Series King Air 350 simulator at a new training facility in Sale, Australia and will now provide simulator services to the Royal Australian Air Force and Royal Australian Navy through 2018 under a contractor-owned, contractor-operated training program; </font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We announced that our Rotorsim training centre in Sesto Calende, Italy, which is a joint venture with AgustaWestland, will expand with the addition of a CAE 3000 Series AW169 helicopter simulator;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We announced that the world&#8217;s first CAE 3000 Series AW189 FFS was certified to Level D and is now ready for training at the Rotorsim training centre in Sesto Calende, Italy;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We announced that Rotorsim will add a second CAE 3000 Series AW189 helicopter simulator to a new training location in Aberdeen, Scotland to support Bristow helicopters and other North Sea operators.</font></font></p>

<p style="line-height:9.5pt;margin:5pt 0in 1pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">New programs and products</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We signed a memorandum of understanding with Lockheed Martin as its preferred provider of Canadian F-35 training support, training systems integration, operations and maintenance should Canada select the F-35;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We signed a memorandum of understanding with General Atomics Aeronautical Systems to pursue international opportunities for CAE to offer its simulation and training systems for the Predator family of remotely piloted aircraft;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We delivered the latest generation CAE GESI command and staff training system, now operational at the German Army Combat Simulation Center located in Wildflecken, Germany;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We assisted Ambulance Victoria in Brisbane, Australia with the launch of the Virtual Paramedic, a simulation-based training solution, to help prepare for mass casualty incidents;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We signed a cooperation agreement to combine CAE&#8217;s GESI command and staff training system with Rolands &amp; Associates Joint Theatre-Level Simulation into a new, federated constructive simulation solution called GlobalSim;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We provided an Emergency Management Information System to the City of Ottawa that will improve multi-agency collaboration and enhance effective decision-making during emergency incidents;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We are designing and manufacturing a UH-60L/M Black Hawk full-mission simulator to be used by the Mexican Federal Police.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">26</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


</div>
<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.000000pt;">
 <tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=35% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">COMBINED FINANCIAL RESULTS</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=25% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.0pt;">(amounts
  in millions, except operating margins)</font></i></font></p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.0pt;">FY2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.0pt;">FY2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.0pt;">Q4-2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.0pt;">Q3-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.0pt;">Q2-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.0pt;">Q1-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.0pt;">Q4-2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Revenue</font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">822.0&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">806.5&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">230.3&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">201.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">191.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">198.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">217.1&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Segment
  operating income</font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">107.8&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">107.4&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">28.0&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">31.0&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">25.2&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">23.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">28.2&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Operating
  margins</font></i></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">%</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">13.1&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">13.3&nbsp;</font></i></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">12.2&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">15.4&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">13.2&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">11.9&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">13.0&nbsp;</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Backlog</font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">2,043.9&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,995.2&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">2,043.9&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">2,024.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,942.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,960.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,995.2&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:9.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=17 valign=bottom width=100% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">For the fourth quarter of fiscal 2014, combined military revenue
  was $230.3 million, up 14% over last quarter. The increase was mainly due to
  higher contribution from new contracts signed this quarter and a favourable
  foreign exchange impact on the translation of foreign operations. Combined
  military segment operating margin was 12.2%, down from 15.4% last quarter.
  The lower margin is due to a more favourable program mix in the previous
  quarter and higher research and development expenses net of government
  funding this quarter.</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=14 valign=bottom width=89% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=17 valign=bottom width=100% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">For fiscal 2014, combined military revenue was $822.0 million,
  up 2% over last year mainly as a result of a favourable foreign exchange
  impact on the translation of foreign operations. Combined military segment operating
  margin was 13.1%, stable compared to last year. The decrease in margin due to
  a reversal of a contingent consideration provision which occurred last year,
  higher selling, general and administrative expenses and higher research and
  development expenses net of government funding was offset by the margin
  improvement resulting from our European and North American programs and the
  increased profitability in our equity accounted investees (joint ventures).</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=14 valign=bottom width=89% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=14 valign=bottom width=89% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The
  combined military book-to-sales ratio was 0.82x for the quarter and 0.92x on
  a trailing 12-month basis.</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The combined military unfunded backlog was $406.7<sup>
</sup>million and the joint venture backlog was $129.4 million at March 31,
2014.</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">SIMULATION PRODUCTS/MILITARY</font></b></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">SP/M was awarded $133.1 million in orders this
quarter, including contracts from:</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Beechcraft Corporation to develop a
comprehensive T-6C ground-based training system for the Royal New Zealand Air
Force;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The Polish Air Force to provide an SW-4
helicopter full-flight simulator to support training at the Polish Air Force
School in Deblin, Poland;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Boeing to manufacture four additional P-8A
operational flight trainers for the U.S. Navy.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.000000pt;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Financial results</font></b></font><sup><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;"> </font></font></sup></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:24.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=25% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.0pt;">(amounts in millions,
  except operating margins)</font></i></font></p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">FY2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">FY2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Q4-2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q3-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q2-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q1-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q4-2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">529.3&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">562.5&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">140.5&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">127.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">123.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">137.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">153.1&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Segment operating
  income<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">77.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">80.0&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">19.3&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">23.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">18.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">16.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">19.4&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">Operating margins<sup>
  </sup></font></i></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">%</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">14.6&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">14.2&nbsp;</font></i></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">13.7&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">18.3&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">14.8&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">12.0&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">12.7&nbsp;</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Depreciation and
  amortization<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">17.2&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">15.3&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">4.7&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">4.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">4.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">4.2&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Property, plant and
  equipment<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=21% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">expenditures<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">7.0&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">5.2&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2.3&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2.0&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.2&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(0.6)</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Intangible assets and
  other  </font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=21% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">assets expenditures<sup>
  </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">15.3&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">26.1&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">5.6&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">6.8&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Capital employed<sup>
  </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">354.9&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">326.1&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">354.9&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">382.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">340.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">344.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">326.1&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Backlog<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">682.5&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">688.7&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">682.5&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">669.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">635.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">673.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">688.7&nbsp;</font></font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Revenue up 10%
over last quarter and down 8% from the fourth quarter of fiscal
2013</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The increase over last quarter was
mainly due to higher revenue from North American and Australian programs and a
favourable foreign exchange impact on the translation of foreign operations.
The increase was partially offset by lower revenue from Asian programs.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The decrease from the fourth
quarter of fiscal 2013 was mainly due to lower revenue from Asian and
Australian programs. The decrease was partially offset by a favourable foreign
exchange impact on the translation of foreign operations.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&#160;&nbsp;</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Revenue was $529.3&nbsp;million
this year, 6% or $33.2&nbsp;million lower than last year</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The decrease in revenue from last year was mainly due to
lower revenue from certain Australian and North American programs for which the
construction phase was completed and we are now in the in-service support
phase. The decrease was also due to lower activity in our IES products business
and lower revenue from European and Asian programs. The decrease was partially
offset by a </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">favourable foreign exchange impact on the
translation of foreign operations.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>





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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">27</font></font></p>

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<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></p></div>

<p style="margin:0in 0in 1pt;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Segment operating income down 17% compared to last quarter and stable compared to the fourth quarter of fiscal 2013</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Segment operating income was $19.3 million (13.7% of revenue) this quarter, compared to $23.3 million (18.3% of revenue) last quarter and $19.4 million (12.7% of revenue) in the fourth quarter of fiscal 2013.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The decrease from last quarter was mainly due to lower volume on Asian programs, higher research and development expenses net of government funding and lower margins on European programs, partially offset by higher volume on North American programs.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Segment operating income was stable when compared to the fourth quarter of fiscal 2013. The decrease resulting from lower volume on Asian programs and higher research and development expenses net of government funding was offset by higher margins on North American and European programs. </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 1pt;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Segment operating income was $77.4&nbsp;million this year, 3% or $2.6&nbsp;million lower than last year</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Segment operating income was $77.4 million (14.6% of revenue) this year, compared to $80.0 million (14.2% of revenue) last year.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The decrease in segment operating income from last year was mainly due to the reversal of a contingent consideration provision which occurred in the second quarter of fiscal 2013,</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> higher research and development expenses net of government funding and lower volume on Asian programs. The decrease was partially offset by higher margins on European and North American programs.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 1pt;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Capital employed decreased by $27.2 million from last quarter and increased by $28.8 million over last year</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The decrease from last quarter was mainly due to an increase in accounts payable and accrued liabilities, higher contracts in progress liabilities and lower contracts in progress assets, partially offset by an increase in accounts receivable and foreign exchange movements resulting from the depreciation of the Canadian dollar.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The increase over last year was mainly due to a higher investment in other long-term assets and an increase in intangible assets resulting primarily from movements in foreign exchange rates. </font></font></p>

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   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Backlog stable compared to last year</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">(amounts in millions)</font></i></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">FY2014</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">FY2013</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Backlog, beginning of period</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">688.7&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">787.2&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">+ orders</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">484.7&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">397.0&nbsp;</font></font></p></td>
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<tr style="height:12.75pt;page-break-inside:avoid;">
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">- revenue</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(529.3)</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(562.5)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">+ / - adjustments</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">38.4&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">67.0&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">Backlog, end of period</font></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">682.5&nbsp;</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">688.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=7 width=100% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Fiscal 2014 adjustments are mainly due to foreign exchange movements. Adjustments in fiscal 2013 were mainly due to the reclassification of equipment procurement from a long-term services contract.</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=6 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">This quarter's book-to-sales ratio was 0.95x. The ratio for the last 12 months was 0.92x.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=6 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=6 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Unfunded backlog was $38.0 million and there was no joint venture backlog at March 31, 2014.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">28</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>
<a name="page_30"></a><div style="padding-left:0%;padding-right:0%;width:100%;">

<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


</div>
<p style="line-height:.7pt;margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">TRAINING &amp;
SERVICES/MILITARY</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">TS/M was awarded $55.9 million in orders
this quarter, including contracts from:</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN style="font-size:8.5pt;">Germany's </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Federal Office of
Bundeswehr Equipment, Information Technology and In-Service Support to provide
a range of on-site training support services for flight simulation equipment,
including Tornado, C-160 Transall, P-3C Orion, Mk-41 Sea King and the German
Forces' pilot selection system;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:.0001pt;margin-left:11.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.5pt;"><font color=black face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font color=black face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">PWN Excellence Sdn Bhd, based in Subang,
Malaysia, to provide comprehensive lifecycle support and maintenance services</font></font><font face=Helvetica,sans-serif><font lang=EN style="font-size:8.5pt;"> on an AW139 simulator over the next ten years.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.000000pt;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Financial results</font></b></font><sup><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;"> </font></font></sup></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:24.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=25% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.0pt;">(amounts in millions,
  except operating margins)</font></i></font></p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">FY2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">FY2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Q4-2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q3-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q2-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q1-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q4-2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">292.7&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">244.0&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">89.8&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">74.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">67.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">61.0&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">64.0&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Segment operating
  income<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">30.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">27.4&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">8.7&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">7.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">6.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">7.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">8.8&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">Operating margins<sup>
  </sup></font></i></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">%</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">10.4&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">11.2&nbsp;</font></i></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">9.7&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">10.4&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">10.2&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">11.6&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">13.8&nbsp;</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Depreciation and
  amortization<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">25.2&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">14.6&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">7.5&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">6.9&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">6.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">4.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">4.8&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Property, plant and
  equipment<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=21% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">expenditures<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">19.0&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">12.1&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">5.7&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">5.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">5.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">7.2&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Intangible assets and
  other  </font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=21% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">assets expenditures<sup>
  </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.0&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2.4&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.2&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.3&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Capital employed<sup>
  </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">212.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">152.0&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">212.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">194.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">177.0&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">174.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">152.0&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Backlog<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1,361.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,306.5&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1,361.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,354.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,307.0&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,286.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,306.5&nbsp;</font></font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Revenue up 21%
over last quarter and up 40% over the fourth quarter of
fiscal 2013</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The increase over last
quarter was mainly due to higher revenue from
North American programs, </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">a
favourable foreign exchange impact on the translation of foreign operations</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> and higher activity from our IES services business.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#160;&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The increase over the fourth quarter of
fiscal 2013 was mainly due to higher revenue from North American programs, a
favourable foreign exchange impact on the translation of foreign operations,
higher activity from our IES services business and higher revenue from our
Australian programs.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman"><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Revenue was $292.7
million this year, 20% or $48.7 million higher than last year</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The increase was mainly due to new
contracts signed in the current year in North America and Australia combined
with programs where the construction phase was completed and are now in the
in-service support phase for the same regions. The increase was also due to a
favourable foreign exchange impact on the translation of foreign operations,
increased activity in our IES services business and higher revenue from
European programs. The increase was partially offset by the creation of a joint
venture in late fiscal 2013 now accounted for as an equity investee, whereas it
was previously accounted for as a joint operation and proportionally
consolidated.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman"><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Segment
operating income up 13% over last quarter and stable compared to the fourth quarter of fiscal 2013</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Segment operating income was
$8.7 million (9.7% of revenue) this quarter, compared to $7.7 million (10.4% of
revenue) last quarter and $8.8 million (13.8% of revenue) in the fourth quarter
of fiscal 2013.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The increase over last
quarter was mainly due to higher volume on North American programs and higher
margins on European programs, partially offset by lower profit from equity
accounted investees (joint ventures).</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&#160;&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Segment operating income was
stable when compared to the </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">fourth
quarter of fiscal 201</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">3. The decrease
resulting from higher selling, general and
administrative expenses was offset by
higher margins on European programs, higher volume on Australian programs and
higher profit from equity accounted
investees (joint ventures).</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Segment operating income was $30.4&nbsp;million this year,
11% or $3.0&nbsp;million higher than last year</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Segment
operating income was </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">$30.4&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> million (</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">10.4</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">%
of revenue) this year, compared to $</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">27.4 </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">million (</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">11.2</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">% of revenue) last year.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The increase over last year was mainly
due to higher profit from equity accounted investees (joint ventures) and
higher volume on North American and European programs. The increase was
partially offset by higher selling, general and administrative expenses including
costs incurred for start-up activities in certain Asian programs.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Capital employed increased by $17.8 million over last
quarter and by $60.4 million over last year</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">The </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">increase over </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">last quarter was </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">mainly
due to higher </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">property, plant
and equipment, higher other long-term assets resulting primarily from foreign
exchange rates, an increase in non-cash working capital and a higher investment
in equity accounted investees as a result of increased profitability.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">The increase
over last year was mainly due to </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">higher
other long-term assets resulting primarily from movements in foreign exchange
rates, an increase in non-cash working capital, a higher investment in equity
accounted investees as a result of increased profitability and</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> higher </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">property,
plant and equipment resulting from capital expenditures and movements in
foreign exchange rates.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>


<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">29</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


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</div><hr align="center" noshade size=2 width="100%">

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&nbsp; <a name="page_31"></a>

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<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></p></div>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:0.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:0.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Backlog up 4% over last year</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8pt;">(amounts in millions)</font></i></font></p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">FY2014</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=27% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">FY2013</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Backlog, beginning of period</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">1,306.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,268.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">+ orders</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">272.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">357.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">- revenue</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">(292.7)</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(244.0)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">+ / - adjustments </font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">75.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(75.9)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Backlog, end of period</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">1,361.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,306.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=6 width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Fiscal 2014 adjustments are mainly related to foreign exchange movements. Adjustments in fiscal 2013 were mainly due to the reclassification of equipment procurement from a long-term services contract.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=6 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">This quarter's book-to-sales ratio was 0.62x. The ratio for the last 12 months was 0.93x.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=53% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=6 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Unfunded backlog was $368.7 million and the joint venture backlog was $129.4 million at March 31, 2014.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0in 0.4in;page-break-after:avoid;text-indent:-0.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">5.3</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">New Core Markets </font></b></font></p>

<p style="margin:6pt 0in 0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">FISCAL 2014 EXPANSIONS AND NEW INITIATIVES</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">CAE Healthcare expansions and new initiatives included the following:</font></font></p>

<p style="line-height:9.5pt;margin:5pt 0in 1pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-AU style="font-size:8.5pt;">Expansions</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-AU style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-AU style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-AU style="font-size:8.5pt;">We signed agreements with new distributors in Bangladesh, Chile, Costa Rica, Germany, India, Malaysia, Malta, Peru, Singapore, Netherlands and United Arab Emirates;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-AU style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-AU style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-AU style="font-size:8.5pt;">We opened a new training facility with a hospital group in Brazil and began operations;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-AU style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-AU style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-AU style="font-size:8.5pt;">We partnered with Community Hospital in Long Beach, U.S. to utilize their facilities in order to expand our training centre locations across the West Coast.</font></font></p>

<p style="line-height:9.5pt;margin:5pt 0in 1pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-AU style="font-size:8.5pt;">New programs and products </font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-AU style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-AU style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-AU style="font-size:8.5pt;">We released an update of our LearningSpace audiovisual and performance management system with a new Resource Manager feature that tracks simulation centre assets;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-AU style="font-size:8.5pt;">We released an updated version of our VIMEDIX ultrasound simulator operating system with additional user features</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> and pathologies for the VIMEDIX cardiac simulator and VIMEDIX Ob/Gyn;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-AU style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-AU style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-AU style="font-size:8.5pt;">We released a first trimester endovaginal ultrasound training module for VIMEDIX Ob/Gyn;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-AU style="font-size:8.5pt;">We unveiled the CAE Fidelis Maternal Fetal Simulator at the International Meeting for Simulation in Healthcare (IMSH) in San Francisco, U.S.&nbsp; </font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">CAE Mining expansions and new initiatives included the following:</font></font></p>

<p style="line-height:9.5pt;margin:5pt 0in 1pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-AU style="font-size:8.5pt;">Expansions</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We expanded our customer support and sales capability in Columbia;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We entered into a distribution agreement with Simsmart Technologies Inc. to offer their SmartEXEC automated underground ventilation technology to the global market;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We announced a collaboration agreement with Geovariances granting CAE Mining exclusive access to their mining sector geostatistical libraries. Commercial release within the CAE Mining product suite is expected to be launched in the first quarter of fiscal 2015.</font></font></p>

<p style="line-height:9.5pt;margin:5pt 0in 1pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-AU style="font-size:8.5pt;">New programs and products</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We delivered and commissioned our first underground mining simulator models to the Fresnillo PLC training centre in Mexico;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We launched a cloud-based service for open pit mine optimization that is significantly faster than current methods;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We released major updates to our geological data management system, Sirovision 3D photogrammetry, mapping system and our flagship resource modeling solution including performance improvements and new functionality for condition simulation;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We released an innovative new drill and blast design system featuring automated design and electronic transfer of data to drill rigs;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We released a major update to our stratigraphic modeling system, with improvements in model calibration, fault modeling and contouring.</font></font></p>

<p style="margin:0in;text-align:justify;">&nbsp;</p>

<p style="margin:0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">ORDERS</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">CAE Healthcare sales this quarter included:</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-AU style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-AU style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-AU style="font-size:8.5pt;">Ten ultrasound simulators and five surgical simulators to five National Health Service (NHS) hospitals through the Local Education and Training Board committees of Health Education England;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-AU style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-AU style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-AU style="font-size:8.5pt;">Three patient simulators, one ultrasound simulator, two ultrasound task trainers, a centre management system and multi-year warranty to a public research university in the U.S.;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-AU style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-AU style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-AU style="font-size:8.5pt;">Five patient simulators, two ultrasound simulators, two ultrasound task trainers and a multi-year warranty to a private university in the U.S.;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-AU style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-AU style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-AU style="font-size:8.5pt;">A centre management system to a public university in Saudi Arabia.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;">&nbsp;</p>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">30</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


</div>
<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">CAE Mining sales this quarter included:</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Resource
modeling, stratigraphic modeling and mine planning systems to Kazakhmys PLC in
Kazakhstan;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">A mine
ventilation automation project for Fresnillo PLC&#8217;s San Julian mine in Mexico;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Open
pit resource modeling and mine planning systems to Swakop Uranium (Pty) Ltd in
Namibia.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.000000pt;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Financial
  results</font></b></font><sup><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> </font></font></sup></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:24.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=25% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.0pt;">(amounts
  in millions, except operating margins)</font></i></font></p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">FY2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">FY2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Q4-2014</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Q3-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Q2-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Q1-2014</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Q4-2013</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:24.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Revenue<sup>
  </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">116.2&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">112.1&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">29.6&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">29.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">27.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">29.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">29.0&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Segment
  operating income<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">4.2&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">6.4&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">0.2&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1.4&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1.0&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1.8&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Operating
  margins<sup> </sup></font></i></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">%</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">3.6&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">5.7&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">0.7&nbsp;</font></i></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">4.7&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">3.7&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">5.4&nbsp;</font></i></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">6.2&nbsp;</font></i></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Depreciation
  and amortization<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">14.2&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">11.7&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">3.9&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">3.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">3.3&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">3.5&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">4.0&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Property,
  plant and equipment<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=21% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">expenditures<sup>
  </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">3.1&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">3.1&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">0.7&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">0.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">0.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">0.7&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Intangible
  assets and other  </font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=21% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">assets
  expenditures<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">13.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">9.5&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">3.8&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">4.1&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">2.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">2.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">2.5&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=23% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Capital
  employed<sup> </sup></font></font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">222.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">199.2&nbsp;</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">222.4&nbsp;</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">217.8&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">205.7&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">207.6&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">199.2&nbsp;</font></font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Revenue stable
compared to last quarter and up 2% over the fourth quarter of fiscal 2013</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Revenue was stable
compared to last quarter. Lower revenue from CAE Mining was offset by higher
revenue from CAE Healthcare. In CAE Mining, revenue was lower due to a decrease
in software licence and consulting services revenue. In CAE Healthcare, higher
revenue from surgical simulators and from centre management systems, including
the impact from a stronger U.S. dollar against the Canadian dollar, was
partially offset by lower patient simulator revenue. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The increase over
the fourth quarter of fiscal 2013 was mainly due to higher revenue from CAE
Healthcare, partially offset by lower revenue from CAE Mining. In CAE
Healthcare, revenue was higher due to an increase in surgical and patient
simulator revenue, including the impact of a stronger U.S. dollar against the
Canadian dollar. In CAE Mining, revenue was lower due to a decrease in software
licence and consulting services revenue.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Revenue was $116.2 million this year, 4% or
$4.1&nbsp;million higher than last year</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The increase was
mainly due to higher revenue from CAE Healthcare, partially offset by lower
revenue from CAE Mining. In CAE Healthcare, higher ultrasound task trainer and
surgical simulator revenue and higher centre management system revenue,
including the impact from a stronger U.S. dollar against the Canadian dollar
and an expanded installation base, was partially offset by lower patient
simulator revenue. In CAE Mining, revenue was lower due to the cyclical
downturn in the mining industry, with lower software licence and consulting
services revenue partially offset by an increase in software maintenance
revenue.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Segment operating
income down 86% compared to last quarter and 89% compared to the
fourth quarter of fiscal 2013</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Segment operating income was $0.2
million this quarter (0.7% of revenue), compared to segment operating income of
$1.4 million (4.7% of revenue) last quarter and a segment operating income of
$1.8 million (6.2% of revenue) in the fourth quarter of fiscal 2013. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The decrease in segment operating
income from the last quarter was mainly due to lower revenue from CAE Mining,
as mentioned above.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The decrease from the fourth
quarter of fiscal 2013 was mainly due to lower segment operating income from
CAE Mining as a result of lower revenue, partially offset by lower selling,
general and administrative expenses.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Segment operating income was $4.2&nbsp;million this year,
34% or $2.2&nbsp;million lower than last year</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Segment
operating </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">income&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> was $</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">4.2&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> million </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(3.6% of revenue) </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">this year, compared to</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> a segment operating income of </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">$</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">6.4&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> million </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(5.7%
of revenue) </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">last year.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The decrease from last year was
mainly due to lower segment operating income from CAE Mining as a result of
lower revenue, partially offset by lower selling, general and administrative
expenses.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Capital employed increased by $4.6 million over last
quarter and by $23.2 million over last year</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The increase over</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> last quarter was </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">mainly </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">due
to </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">higher </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">intangible assets mainly as a result of movements in
foreign exchange rates, partially offset by an increase in accounts payable and
accrued liabilities</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">The increase
over last year was </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">mainly </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">due to </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">higher intangible assets mainly as a result of
movements in foreign exchange rates.</font></font></p>









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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">31</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


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<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></p></div>

<p style="margin:9pt 0in 3pt 50.1pt;text-align:justify;text-indent:-50.1pt;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10pt;">6.</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10pt;">CONSOLIDATED CASH MOVEMENTS AND LIQUIDITY</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We manage liquidity and regularly monitor the factors that could affect it, including:</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt 11.4pt;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Cash generated from operations, including timing of milestone payments and management of working capital;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt 11.4pt;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Capital expenditure requirements;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt 11.4pt;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Scheduled repayments of long-term debt obligations, our credit capacity and expected future debt market conditions.<sup>
</sup></font></font>
<font style="vertical-align:super;"><font style="vertical-align:super;"><font color=white face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">[</font></font></font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 2pt 11.4pt;text-align:justify;text-indent:-11.4pt;">&nbsp;</p>

<p style="margin:0in;page-break-after:avoid;text-indent:0in;">&nbsp;</p>

<p style="margin:0in;page-break-after:avoid;text-indent:0in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">6.1&nbsp;&nbsp;&nbsp;&nbsp; Consolidated cash movements</font></b></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">(amounts in millions)</font></i></font><sup><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;"> </font></i></font></sup></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">FY2014</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">FY2013</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Q4-2014</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q3-2014</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q4-2013</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Cash provided by operating activities*<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">304.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">239.1&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">96.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">56.2&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">80.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Changes in non-cash working capital<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(28.8)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(84.6)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">27.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(39.2)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">33.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Net cash provided by operating activities<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">276.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">154.5&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">124.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">17.0&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">113.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Maintenance capital expenditures<sup>8&nbsp;</sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(46.1)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(31.8)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(15.1)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(14.4)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(2.7)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Other assets<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(23.8)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(21.8)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(5.3)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(5.6)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(7.1)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Proceeds from the disposal of property, plant<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:9.75pt;page-break-inside:avoid;">
  <td valign=bottom width=3% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=40% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">and equipment<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">15.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">9.2&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">8.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.5&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.1&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Net proceeds (payments) from equity accounted investees<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">4.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(1.4)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.4&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Dividends received from equity accounted investees<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">15.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">11.9&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">9.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Dividends paid<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(40.1)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(37.1)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(9.9)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">(10.6)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">(10.2)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Free cash flow<sup> 8&nbsp;</sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">200.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">83.5&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">105.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(12.7)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">105.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Growth capital expenditures<sup> 8&nbsp;</sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(111.3)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(64.9)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(50.6)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(22.8)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(11.0)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Capitalized development costs<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(48.1)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(49.6)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(14.1)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(11.7)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(12.6)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Other cash movements, net<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">3.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3.5&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">14.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.0&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Business combinations, net of cash and cash<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:9.75pt;page-break-inside:avoid;">
  <td valign=bottom width=3% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=40% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">equivalents acquired<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(3.8)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(285.3)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(0.4)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(2.9)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(0.7)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Effect of foreign exchange rate changes on </font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:9.75pt;page-break-inside:avoid;">
  <td valign=bottom width=3% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=40% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">cash and cash equivalents<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">23.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">9.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">9.3&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Net increase (decrease) in cash before </font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:9.75pt;page-break-inside:avoid;">
  <td valign=bottom width=3% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=40% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">proceeds and repayment of long-term debt<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">64.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">(312.8)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">63.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">(39.8)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">82.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">* before changes in non-cash working capital</font></font><sup><font color=black face=Calibri,sans-serif><font style="font-size:8.5pt;"> </font></font></sup></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:2pt 0in 1pt;page-break-after:avoid;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Free cash flow was $105.1&nbsp;million for the quarter</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Free cash flow was $</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">117.8&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> million </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">higher </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">than last quarter and $</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">0.1&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> million </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">lower compared to</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> the fourth quarter of fiscal 201</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">3</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">.&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> &nbsp;</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Free cash flow was higher compared to last quarter</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> mainly due to </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">an increase in</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> cash provided by operating activities</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> and favourable changes in non-cash working capital.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Free cash flow remained stable compared to the </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">fourth quarter of fiscal 201</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">3. The</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> decrease </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">related to unfavourable changes in <br>non-cash working capital and higher maintenance capital expenditures was offset by </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">an increase in</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> cash provided by operating activities</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="margin:9pt 0in 1pt;page-break-after:avoid;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Free cash flow was $200.6&nbsp;million this year</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Free cash flow </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">increased </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">$</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">117.1 </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">million</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, or </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">140</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">%</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, compared to</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> last year. </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Free cash flow was higher compared to last year</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> mainly due to </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">an increase in</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> cash provided by operating activities</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> and favourable changes in non-cash working capital.</font></font></p>

<p style="margin:9pt 0in 1pt;page-break-after:avoid;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Capital expenditures were $65.7 million this quarter and $157.4 million for the year</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Growth capital expenditures were $50.6 million this quarter and $111.3 million for the year. Our growth capital allocation decisions are market-driven in nature and are intended to keep pace with the demands of our existing and new customers. Maintenance capital expenditures were $15.1 million this quarter and $46.1 million for the year.</font></font></p>

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<div id=ftn8>

<p style="margin:0in 0in 0pt;"><font style="vertical-align:super;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:7pt;">8</font></font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:7pt;"> Non-GAAP and other financial measures (see Section 3.6).</font></font></p></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">32</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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<div style="page-break-before:always;">&nbsp;</div>
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


</div>
<p style="line-height:.7pt;margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:3.0pt;margin-left:.4in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-indent:-.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">6.2</font></b></font><font color=#777777 face="times new roman"><b><font lang=FR-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">Sources of</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;"> liquidity</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We have committed lines of credit at floating rates, each
provided by a syndicate of lenders. We and some of our subsidiaries can borrow
funds directly from these credit facilities to cover operating and general
corporate expenses and to issue letters of credit and bank guarantees.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The total amount available through these committed bank
lines at March 31, 2014 was US$550.0 million (2013 &#8211; US$550.0 million) with an
option, subject to lender&#8217;s consent, to increase to a total amount of US$850.0
million. There was an equivalent of <br>
US$49.1 million drawn under the facilities as at March 31, 2014 (2013 &#8211; US$66.5
million) and US$120.4 million was used for letters of credit (2013 &#8211; US$121.6
million). The applicable interest rate on this revolving term credit facility
is at our option, based on the bank&#8217;s prime rate, bankers&#8217; acceptance rates or
LIBOR plus a spread which depends on the credit rating assigned by Standard
&amp; Poor&#8217;s Rating Services. Effective October 1, 2013, we amended our
revolving unsecured term credit facilities to extend the maturity date from
April 2017 to October 2018.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We have an unsecured Export Development Canada (EDC)
Performance Security Guarantee (PSG) account for US$150.0 million. This is an
uncommitted revolving facility for performance bonds, advance payment
guarantees or similar instruments. As at <br>
March 31, 2014, the total outstanding for all these instruments translated into
Canadian dollars, was $48.8 million <br>
(2013 &#8211; $62.6 million).</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We have a facility of &#8364;10.0 million with a European bank
for the issuance of bank guarantees and letters of credit. The amount used
principally in support of our European military operations, translated into
Canadian dollars, was approximately $9.5 million <br>
(2013 &#8211; $9.6 million).</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We manage a program in which we sell undivided interests in
certain of our accounts receivable and contracts in progress assets (current
financial assets program) to third parties for cash consideration for amounts
up to $150.0 million without recourse to CAE. As at March 31, 2014, we sold $79.5
million of accounts receivable (2013 &#8211; $88.6 million) and $4.2 million of
contracts in progress <br>
(2013 &#8211; $3.1 million).</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In September 2013 and October 2013, we entered into various
finance leases for the leasing of simulators located in the U.S. These
transactions represent a total finance lease obligation of $34.2 million as at
March 31, 2014.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In February 2014 we entered into an interest-bearing
long-term obligation with the Government of Canada relative to Project
Innovate, an R&amp;D program extending over five and a half years, for a maximum
amount of $250.0 million. The discounted value of the debt recognized amounted
to $1.3 million as at March 31, 2014.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We have certain debt agreements which require that we
maintain a certain level of capital. As at March 31, 2014, we are compliant with
all our financial covenants.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We believe that our cash and cash equivalents, access to
credit facilities and expected free cash flow will provide sufficient
flexibility for our business, the payment of dividends and will enable us to
meet all other expected financial requirements in the near term.</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.000000pt;">
 <tr style="height:15.0pt;page-break-inside:avoid;">
  <td valign=bottom width=68% style="background:white;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">The following table
  summarizes the long-term debt:</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=5% style="background:white;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=10% style="background:white;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td valign=bottom width=1% style="background:white;height:15.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=68% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=15% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">As
  at March 31</font></b></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=15% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">As
  at March 31</font></font></p>
  </td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=68% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.0pt;">(amounts in millions)</font></i></font></p>
  </td>
 <td colspan=3 valign=bottom width=16% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2014&nbsp;</font></b></font></p>
  </td>
 <td colspan=3 valign=bottom width=16% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2013&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=68% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Total long-term debt</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1,168.5&nbsp;</font></b></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,073.4&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=68% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Less:</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=68% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Current portion of
  long-term debt</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">23.8&nbsp;</font></b></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1.0pt;border-right:black 1.0pt;border-style:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">43.7&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=68% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Current portion of
  finance leases</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">26.8&nbsp;</font></b></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> &nbsp;</p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #5a5a5a 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">26.9&nbsp;</font></font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=68% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Long-term portion of
  long-term debt</font></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1,117.9&nbsp;</font></b></font></p>
  </td>
 <td valign=bottom width=5% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid #777777 1.5pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"> <font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,002.8&nbsp;</font></font></p>
  </td>
 </tr>
</table></div>





<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">33</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


</div>
</div><hr align="center" noshade size=2 width="100%">

<div style="page-break-before:always;">&nbsp;</div>
&nbsp; <a name="page_35"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:9pt 0in 3pt 0.4in;page-break-after:avoid;text-indent:-0.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">6.3</font></b></font><font color=#777777 face="times new roman"><b><font lang=FR-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">Government assistance</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;letter-spacing:-0.1pt;">We have signed agreements with various governments whereby the latter share in the cost, based on expenditures incurred by CAE, of certain R&amp;D programs for modeling, simulation and training services expertise.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">During fiscal 2009, we announced Project Falcon, an R&amp;D program that extended over five years. The goal of Project Falcon was to expand our modeling and simulation technologies, develop new ones and increase our capabilities beyond training into other areas of the aerospace and defence market, such as analysis and operations. Concurrently, the Government of Canada agreed to participate in Project Falcon through a repayable investment of up to $250 million made through the Strategic Aerospace and Defence Initiative (SADI), which supports strategic industrial research and pre-competitive development projects in the aerospace, defence, space and security industries. As at March 31, 2014, Project Falcon was completed.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">During fiscal 2010, we announced Project New Core Markets, an R&amp;D program extending over seven years. The aim is to leverage our modeling, simulation and training services expertise into the healthcare and mining markets. The Qu&#233;bec government, through Investissement Qu&#233;bec, agreed to participate up to $100 million in contributions related to costs incurred before the end of fiscal 2016.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">During fiscal 2014, we announced Project Innovate, an R&amp;D program extending over five and a half years. The goal of Project Innovate is to expand our modeling and simulation technologies, develop new ones and continue to differentiate our service offering. Concurrently, the Government of Canada agreed to participate in Project Innovate through a repayable investment of up to <br>$250 million made through the SADI.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">You will find more details in Note 1 and Note 13 of our consolidated financial statements.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font color=white face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">___</font></font></p>

<p style="margin:9pt 0in 3pt 0.4in;page-break-after:avoid;text-indent:-0.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">6.4</font></b></font><font color=#777777 face="times new roman"><b><font lang=FR-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">Contractual obligations</font></b></font></p>

<p style="line-height:9.5pt;margin:3pt 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We enter into contractual obligations and commercial commitments in the normal course of our business. These include debentures, notes and others. The table below shows when they mature.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Contractual obligations</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:24.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">As at March 31, 2014 (amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2015&nbsp;</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2016&nbsp;</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2017&nbsp;</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2018&nbsp;</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2019&nbsp;</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Thereafter</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Total</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:24.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Long-term debt (excluding interest)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">24.5&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">31.9&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">98.2&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">34.4&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">75.9&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">749.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,014.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Finance leases (excluding interest)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">26.8&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">20.1&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">13.7&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">13.7&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">11.5&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">73.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">159.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Operating leases</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">53.4&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">43.1&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">36.3&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">29.4&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">22.1&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">77.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">261.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">Purchase obligations</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">12.2&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">5.3&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">5.3&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">22.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=23% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">116.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">100.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">153.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">77.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">109.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">900.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1,457.8&nbsp;</font></b></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We also had total availability under the committed credit facilities of US$380.5 million as at March&nbsp;31,&nbsp;2014 compared to US$361.9&nbsp;million at March&nbsp;31,&nbsp;2013. </font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We have purchase obligations related to agreements that are enforceable and legally binding. Most are agreements with subcontractors to provide services for long-term contracts that we have with our clients. The terms of the agreements are significant because they set out obligations to buy goods or services in fixed or minimum amounts, at fixed, minimum or variable prices and at various points in time.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">As at March&nbsp;31, 2014, we had other long-term liabilities that are not included in the table above. These include some accrued pension liabilities, deferred revenue, deferred gains on assets and various other long-term liabilities. CAE&#8217;s cash obligation in respect of the accrued employee pension liability depends on various elements including market returns, actuarial gains and losses and interest rates.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We did not include deferred tax liabilities since future payments of income taxes depend on the amount of taxable earnings and on whether there are tax loss carry-forwards available.</font></font></p>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">34</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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

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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></font></p></div>

<p style="margin:9pt 0in 3pt 50.1pt;text-align:justify;text-indent:-50.1pt;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10pt;">7.</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10pt;">CONSOLIDATED FINANCIAL POSITION</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 3pt 0.4in;page-break-after:avoid;text-indent:-0.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">7.1&nbsp;&nbsp; Consolidated capital employed</font></b></font></p>

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<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">As at March 31</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">As at March 31</font></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8pt;">(amounts in millions)</font></i></font><sup><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;"> </font></i></font></sup></p></td>
 <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">2014&nbsp;</font></b></font></p></td>
 <td colspan=3 valign=bottom width=23% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">2013&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Use of capital:<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Current assets</font></font><sup><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;"> </font></b></font></sup></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">1,350.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,307.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Less: cash and cash equivalents</font></font><sup><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;"> </font></b></font></sup></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">(312.3)</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(260.0)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Current liabilities</font></font><sup><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;"> </font></b></font></sup></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">(964.5)</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(906.4)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Less: current portion of long-term debt<sup> </sup></font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">50.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">70.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Non-cash working capital<sup>9&nbsp;</sup></font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">124.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">211.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Property, plant and equipment<sup> </sup></font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">1,341.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,142.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Other long-term assets<sup> </sup></font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">1,544.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,240.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Other long-term liabilities<sup> </sup></font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">(672.1)</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(635.7)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Total capital employed<sup> </sup></font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">2,338.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,959.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Source of capital:<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Current portion of long-term debt</font></font><sup><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;"> </font></b></font></sup></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">50.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">70.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Long-term debt</font></font><sup><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;"> </font></b></font></sup></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">1,117.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,002.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Less: cash and cash equivalents</font></font><sup><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;"> </font></b></font></sup></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">(312.3)</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(260.0)</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Net debt<sup>9&nbsp;</sup></font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">856.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">813.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Equity attributable to equity holders of the Company<sup> </sup></font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">1,441.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,114.6&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Non-controlling interests<sup> </sup></font></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">40.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">31.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=56% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Source of capital</font></font><sup><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;"> </font></b></font></sup></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">2,338.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=14% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">1,959.8&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 1pt;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Capital employed increased $378.6 million, or 19%, over last year</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The increase over last year was mainly due to higher and property, plant and equipment and higher other long-term assets.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our return on capital employed<sup>9</sup> (ROCE) was 11.4% this year compared to 10.2% last year. </font></font></p>

<p style="margin:9pt 0in 1pt;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Non-cash working capital<sup> </sup>decreased by $87.2 million<sup>
</sup></font></b></font>
<font style="vertical-align:super;"><font style="vertical-align:super;"><font color=white face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">[9]&nbsp;</font></b></font></font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The decrease was mainly due to lower income taxes recoverable as a result of a reclassification of certain investment tax credits (ITCs) from short-term to long-term, an increase in contracts in progress liabilities and higher accounts payable and accrued liabilities. The decrease was partially offset by an increase in accounts receivable, inventories and prepayments. </font></font></p>

<p style="margin:9pt 0in 1pt;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Net property, plant and equipment up $198.4 million </font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The increase was mainly due to $157.4 million of capital expenditures and $118.0 million of movements in foreign exchange rates, partially offset by depreciation of $99.5 million.</font></font></p>

<p style="margin:9pt 0in 1pt;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Other long-term assets up $303.8 million </font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The increase was mainly due to higher other assets as a result of a reclassification of certain ITCs from short-term to long-term and an increase in intangible assets, investment in equity accounted investees and other assets resulting primarily from movements in foreign exchange rates.</font></font></p>

<p style="margin:9pt 0in 1pt;page-break-after:auto;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Net debt higher than last year</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The increase was largely caused by the effect of foreign exchange rate changes on long-term debt and new finance leases signed during the year, partially offset by an increase in cash and cash equivalents.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

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<p style="margin:0in 0in 6pt;text-align:justify;"><font style="vertical-align:super;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:7pt;">9</font></font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:7pt;"> Non-GAAP and other financial measures (see Section 3.6).</font></font></p></div>

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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">35</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></p></div>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Change in net debt</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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<tr style="height:9pt;page-break-inside:avoid;">
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=50% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=27% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=53% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8pt;">(amounts in millions)</font></i></font></p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8pt;">FY2014</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=27% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8pt;">FY2013</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Net debt, beginning of period</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">813.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">453.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Impact of cash movements on net debt</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:9.75pt;page-break-inside:avoid;">
  <td valign=bottom width=3% style="background:white;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=50% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(see table in the consolidated cash movements section)</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">(64.4)</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:9.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">312.8&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Effect of foreign exchange rate changes on long-term debt</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">64.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">12.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=53% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Net finance lease additions</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">31.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=53% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Other</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">11.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">34.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=53% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Increase in net debt during the period</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">42.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">360.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=53% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Net debt, end of period</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=12% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">856.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=17% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">813.4&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Total equity increased by $335.8 million this year</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The increase in equity was mainly due to net income of $191.1 million and a favourable foreign currency translation of $159.5 million.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Outstanding share data</font></i></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our articles of incorporation authorize the issue of an unlimited number of common shares and an unlimited number of preferred shares issued in series. We had a total of 263,771,443 common shares issued and outstanding as at March 31, 2014 with total share capital of $517.5 million.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">As at April 30, 2014, we had a total of 263,808,466 common shares issued and outstanding.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Dividends</font></i></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We paid a dividend of $0.05 per share in the first and second quarter and $0.06 per share in the third and fourth quarter of fiscal 2014. These dividends were eligible under the Income Tax Act </font></font><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">(Canada)&nbsp;</font></i></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> and its provincial equivalents.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our Board of Directors has the discretion to set the amount and timing of any dividend. The Board reviews the dividend policy once a year based on the cash requirements of our operating activities, liquidity requirements and projected financial position. We expect to declare dividends of approximately $63.3 million in fiscal 2015 based on our current dividend policy and the number of common shares outstanding as at March 31, 2014.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Guarantees</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">As at March 31, 2014, we have a total of $191.4 million outstanding letters of credit and performance guarantees which are not recognized in the consolidated statement of financial position, compared to $198.7 million last fiscal year. </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Pension obligations</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We maintain defined benefit and defined contribution pension plans. We expect to contribute approximately $3.8 million more than the annual required contribution for current services to satisfy a portion of the underfunded liability of the defined benefit pension plan. In fiscal 2015, contributions necessary to fund our pension obligations are expected to decrease mainly as a result of improved <br>long-term bond returns and stock market performance.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:9pt 0in 3pt 0.4in;page-break-after:avoid;text-indent:-0.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">7.2</font></b></font><font color=#777777 face="times new roman"><b><font lang=FR-CA style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">Off balance sheet arrangements</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Although most of our sale and leaseback transactions entered into as part of our TS/C operations are classified as finance leases and their obligations are included in the consolidated statement of financial position, certain sale and leaseback transactions are classified as operating leases and are off balance sheet obligations. </font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Most of our current off balance sheet obligations are from obligations related to operating leases from:</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The operation of a training centre for the MSH project with the U.K. Ministry of Defence to provide simulation training services. The operating lease commitments are between the operating company, which has the service agreement with the U.K. Ministry of Defence, and the asset company, which owns the assets. These leases are non-recourse to us;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Certain buildings that are leased throughout our training network and production facilities in the normal course of business;</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 11.5pt;text-align:justify;text-indent:-11.5pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Certain FFSs that are leased throughout our training network in the normal course of business.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 0.25in;text-align:justify;text-indent:-0.25in;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt 0.25in;text-align:justify;text-indent:-0.25in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">You can find more details about operating lease commitments in Note 27 of our consolidated financial statements.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">In the normal course of business, we manage a program in which we sell undivided interests in certain of our accounts receivable and contracts in progress assets (current financial assets program) to third parties for cash consideration for an amount up to <br>$150.0 million without recourse to CAE. We continue to act as a collection agent. These transactions are accounted for when we have considered to have surrendered control over the transferred accounts receivable and contracts in progress assets. As at <br>March 31, 2014, $79.5&nbsp;million (2013 &#8211;&nbsp;$88.6&nbsp;million) and $4.2 million (2013 &#8211; $3.1 million) of specific accounts receivable and contracts in progress assets respectively were sold to financial institutions pursuant to these agreements.</font></font></p>

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<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">36</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


</div>
<p style="line-height:.7pt;margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="margin-bottom:3.0pt;margin-left:.4in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-indent:-.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">7.3</font></b></font><font color=#777777 face="times new roman"><b><font lang=FR-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">Financial instruments</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We are exposed to various financial risks
in the normal course of business. We enter into forward and swap contracts to
manage our exposure to fluctuations in foreign exchange rates, interest rates
and changes in share price which have an effect on our share-based payments
costs. We also continually assess whether the derivatives we use in hedging
transactions are effective in offsetting changes in
fair values or cash flows of hedged items. We enter
into these transactions to reduce our exposure to risk and volatility, and not
for speculative reasons. We only deal with highly rated counterparties.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p align=left style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Classification of financial instruments</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We have made the following classifications
for our financial instruments:</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Cash and cash equivalents, restricted cash and
all derivative instruments, except for derivatives designated as effective
hedging instruments, are classified as fair value through profit and loss
(FVTPL);</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Accounts receivable, contracts in progress,
non-current receivables and advances are classified as loans and receivables,
except for those that we intend to sell immediately or in the near term, which
are classified as FVTPL;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Portfolio investments are classified as
available-for-sale;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Accounts payable and accrued liabilities and
long-term debt, including interest payable, as well as finance lease
obligations and royalty obligations are classified as other financial
liabilities, all of which are measured at amortized cost using the effective
interest rate method.</font></font></p>

<p align=left style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p align=left style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Fair value of financial instruments</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The
fair value of a financial instrument is determined by reference to the
available market information at the reporting date. When no active market
exists for a financial instrument, we determine the
fair value of that instrument based on valuation methodologies as discussed
below. In determining assumptions required under a valuation model, we
primarily use
external, readily observable market data inputs. Assumptions or inputs that are
not based on observable market data incorporate our best
estimates of market participant assumptions, and are used when external data is
not available. Counterparty credit risk and the fair values of our own
credit risk are taken
into account in estimating the fair value of all financial assets and financial
liabilities, including derivatives.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The
following assumptions and valuation methodologies have been used to
measure fair value of financial instruments:</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The fair value of accounts receivable, contracts
in progress, accounts payable and accrued liabilities approximate their
carrying values due to their short-term maturities;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The fair value of derivative instruments,
including forward contracts, swap agreements and embedded derivatives with
economic characteristics and risks that are not clearly and closely related to those
of the host contract, are determined using valuation techniques and are
calculated as the present value of the estimated future cash flows using an
appropriate interest rate yield curve and foreign exchange rate. Assumptions
are based on market conditions prevailing at each reporting date. Derivative
instruments reflect the estimated amounts that we would receive or pay to
settle the contracts at the reporting date;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The fair value of the available-for-sale
investment which does not have a readily available market value, is estimated
using a discounted cash flow model, which includes some assumptions that are
not supportable by observable market prices or rates;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The fair value of non-current receivables are
estimated based on discounted cash flows using current interest rates for
instruments with similar terms and remaining maturities;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The fair value of provisions, long-term debt and
non-current liabilities, including finance lease obligations and royalty
obligations, are estimated based on discounted cash flows using current
interest rates for instruments with similar terms and remaining maturities.</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">A
description of the fair value hierarchy is discussed in Note 29 of our
consolidated financial statements.</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p align=left style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Financial risk management</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Due to the nature of the activities that
we carry out and as a result of holding financial instruments, we are exposed
to credit risk, liquidity risk and market risk, including foreign currency risk
and interest rate risk. Our exposure to credit risk, liquidity risk and market
risk is managed within risk management parameters approved by the board of
directors. These risk management parameters remain unchanged since the previous
period, unless otherwise indicated.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Embedded derivatives are recorded at fair value separately from the
host contract when their economic characteristics and risks are not clearly and
closely related to those of the host contract. We may enter into freestanding
derivative instruments which are not eligible for hedge accounting, to offset
the foreign exchange exposure of embedded foreign currency derivatives. In such
circumstances, both derivatives are carried at fair value at each statement of
financial position date with the change in fair value recorded in consolidated
net income.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our policy is not to utilize any
derivative financial instruments for trading or speculative purposes. We may
choose to designate derivative instruments, either freestanding or embedded, as
hedging items. This process consists of matching derivative hedging instruments
to specific assets and liabilities or to specific firm commitments or
forecasted transactions. To some extent, we use non&#8209;derivative financial
liabilities to hedge foreign currency exchange rate risk exposures.</font></font></p>





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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">37</font></font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></p>


</div>
<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Credit risk</font></i></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Credit risk is defined as our exposure to
a financial loss if a debtor fails to meet its obligations in accordance with
the terms and conditions of its arrangements with CAE. We are exposed to credit
risk on our accounts receivable and certain other assets through our normal
commercial activities. We are also exposed to credit risk through our normal
treasury activities on our cash and cash equivalents and derivative financial
assets.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Credit risks arising from our normal
commercial activities are managed in regards to customer credit risk. An allowance
for doubtful accounts is established when there is a reasonable expectation
that we will not be able to collect all amounts due according to the original
terms of the receivables (See Note 4 of the consolidated financial statements).
When a trade receivable is uncollectible, it is written-off against the
allowance for doubtful accounts. Subsequent recoveries of amounts previously
written-off are recognized in income.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our customers are mainly established
companies with publicly available credit ratings and government agencies, which
facilitates risk monitoring. In addition, we typically receive substantial
non-refundable advance payments for construction contracts. We closely monitor
our exposure to major airlines in order to mitigate our risk to the extent
possible. Furthermore, our trade receivables are not concentrated with specific
customers but are held with a wide range of commercial and government
organizations. As well, our credit exposure is further reduced by the sale of
certain of our accounts receivable and contracts in progress assets to
third-party financial institutions for cash consideration on a non-recourse
basis (current financial assets program). We do not hold any collateral as
security. The credit risk on cash and cash equivalents is mitigated by the fact
that they are in place with a diverse group of major North American and
European financial institutions.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We are exposed to credit risk in the event
of non-performance by counterparties to our derivative financial instruments. We
use several measures to minimize this exposure. First, we enter into contracts
with counterparties that are of high credit quality. We signed </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">International
Swaps &amp; Derivatives Association, Inc</font></i></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">. </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">(ISDA)&nbsp;</font></i></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> Master Agreements
with the majority of counterparties with whom we trade derivative financial
instruments. These agreements make it possible to offset when a contracting
party defaults on the agreement, for each of the transactions covered by the
agreement and in force at the time of default. Also, collateral or other
security to support derivative financial instruments subject to credit risk can
be requested by CAE or our counterparties (or both parties, if need be) when
the net balance of gains and losses on each transaction exceeds a threshold
defined in the ISDA Master Agreement. Finally, we monitor the credit standing
of counterparties on a regular basis to help minimize credit risk exposure.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The carrying amounts presented in Note 4
and Note 29 of the consolidated financial statements represent the maximum
exposure to credit risk for each respective financial asset as at the relevant
dates.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Liquidity risk</font></i></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Liquidity risk is defined as the potential
that we cannot meet our cash obligations as they become due.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We manage this risk by establishing cash
forecasts, as well as long-term operating and strategic plans. The management
of consolidated liquidity requires a regular monitoring of expected cash
inflows and outflows which is achieved through a forecast of our consolidated
liquidity position, for efficient use of cash resources. Liquidity adequacy is
assessed in view of seasonal needs, growth requirements and capital
expenditures, and the maturity profile of indebtedness, including off balance
sheet obligations. We manage our liquidity risk to maintain sufficient liquid
financial resources to fund our operations and meet our commitments and
obligations. In managing our liquidity risk, we have access to a revolving
unsecured credit facility of US$550.0&nbsp;million, with an option, subject to
the lender&#8217;s consent, to increase to a total amount of up to US$850.0 million.
As well, we have agreements to sell certain of our accounts receivable and
contracts in progress assets for an amount of up to $150.0 million (current
financial assets program). We also regularly monitor any financing
opportunities to optimize our capital structure and maintain appropriate
financial flexibility.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-US style="font-size:8.5pt;">Market risk</font></i></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Market risk is defined as our exposure to
a gain or a loss in the value of our financial instruments as a result of
changes in market prices, whether those changes are caused by factors specific
to the individual financial instruments or its issuer, or factors affecting all
similar financial instruments traded in the market. We are mainly exposed to
foreign currency risk and interest rate risk.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We
use derivative instruments to manage market risk against the volatility in
foreign exchange rates, interest rates and share-based payments in order to
minimize their impact on our results and financial position. Our policy is not
to utilize any derivative financial instruments for trading or speculative
purposes.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;font-weight:normal;">Foreign
currency risk</font></i></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Foreign currency risk is defined as our
exposure to a gain or a loss in the value of our financial instruments as a
result of fluctuations in foreign exchange rates. We are exposed to foreign
exchange rate variability primarily in relation to certain sale commitments,
expected purchase transactions and debt denominated in a foreign currency, as
well as on our net investment from our foreign operations which have functional
currencies other than the Canadian dollar (in particular the U.S. dollar, euro
and British pound). In addition, these operations have exposure to foreign
exchange rates primarily through cash and cash equivalents and other working
capital accounts denominated in currencies other than their functional
currencies.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We also mitigate foreign currency risks by
having our foreign operations transact in their functional currency for
material procurement, sale contracts and financing activities.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">38</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


</div>
<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We use forward
foreign currency contracts and foreign currency swap agreements to manage our
exposure from transactions in foreign currencies and to synthetically modify
the currency of exposure of certain financial position items. These
transactions include forecasted transactions and firm commitments denominated
in foreign currencies. Our foreign currency hedging programs are typically
unaffected by changes in market conditions, as related derivative financial
instruments are generally held until their maturity, consistent with the
objective to fix currency rates on the hedged item.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></i></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Foreign currency risk sensitivity
analysis</font></i></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Foreign currency risk arises on financial
instruments that are denominated in a foreign currency. Assuming a reasonably
possible strengthening of 5% in the U.S. dollar, euro and British pound
currency against the Canadian dollar as at March 31, 2013, and assuming all
other variables remained constant, the pre-tax effects on net income would have
been a negative net adjustment of <br>
$3.1 million (2013 &#8211; no significant effect) and a negative net adjustment of $21.5
million (2013 &#8211; negative net adjustment of <br>
$25.0 million) on other comprehensive income (OCI). A
reasonably possible weakening of 5% in the relevant foreign currency against
the Canadian dollar would have an opposite impact on pre-tax income and OCI.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Interest
rate risk</font></i></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Interest rate risk is defined as our
exposure to a gain or a loss to the value of our financial instruments as a
result of fluctuations in interest rates. We bear some interest rate
fluctuation risk on our floating rate long-term debt and some fair value risk
on our fixed interest long-term debt. We mainly manage interest rate risk by
fixing project-specific floating rate debt in order to reduce cash flow
variability. We have a floating rate debt through our revolving unsecured
credit facility and other asset-specific floating rate debts. A mix of fixed
and floating interest rate debt is sought to reduce the net impact of
fluctuating interest rates. Derivative financial instruments used to
synthetically convert interest rate exposures are mainly interest rate swap
agreements. </font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&#160;&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We use financial instruments to manage our
exposure to changing interest rates and to adjust our mix of fixed and floating
interest rate debt on long-term debt. The mix was 84% fixed-rate and 16%
floating-rate at the end of this year (2013 &#8211; 83% fixed rate and <br>
17% floating rate).</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our interest rate hedging programs are
typically unaffected by changes in market conditions, as related derivative financial
instruments are generally held until their maturity to establish asset and
liability management matching, consistent with the objective to reduce risks
arising from interest rate movements. As a result, the changes in variable
interest rates do not have a significant impact on net income and OCI.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Interest
rate risk sensitivity analysis</font></i></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">In fiscal 2014 and fiscal 2013, a 1%
increase/decrease in interest rates would not have a significant impact on our
net income and OCI assuming all other variables remained constant.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Hedge
of share-based payments cost</font></i></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We have entered into equity swap
agreements with two major Canadian financial institutions to reduce our income
exposure to fluctuations in our share price relating to the Deferred Share Unit
(DSU) and Long-Term Incentive Deferred Share Unit (LTI-DSU) programs. Pursuant
to the agreement, we receive the economic benefit of dividends and share price
appreciation while providing payments to the financial institutions for the
institution&#8217;s cost of funds and any share price depreciation. The net effect of
the equity swaps partly offset movements in our share price impacting the cost
of the DSU and LTI-DSU programs and is reset quarterly. As at
March&nbsp;31,&nbsp;2014, the equity swap agreements covered 2,400,000 of our
common shares (2013 &#8211; 2,706,816).</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Hedge of net investments in foreign
operations</font></i></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">As at March 31, 2014, we have designated a
portion of our senior notes totalling US$417.8 million (2013&nbsp;&#8211;&nbsp;US$417.8&nbsp;million) and a portion of the sale lease back obligation totalling US$16.1
million (2013 &#8211; US$17.9
million) as a hedge of net investments in foreign operations. Gains or losses on the translation of the designated portion of our
senior notes are recognized in OCI to offset any foreign exchange gains or
losses on translation of the financial statements of foreign operations.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We have determined that there is no
concentration of risks arising from financial instruments and estimated that
the information disclosed above is representative of our exposure to risk during
the period.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Refer to the Consolidated Statements of
Comprehensive Income for the total amount of the change in fair value of
financial instruments designated as cash flow hedges recognized in income for
the period and total amount of gains and losses recognized in OCI and to Note
29 of the consolidated financial statements for the classification of financial
instruments.</font></font></p>









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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></p>


</div>
<p style="margin-bottom:3.0pt;margin-left:50.1pt;margin-right:0in;margin-top:9.0pt;text-align:justify;text-indent:-50.1pt;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;text-transform:uppercase;">8.</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7.0pt;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;
</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;text-transform:uppercase;">Business
combinations</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:4.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.0pt;">Fiscal 2014 acquisitions</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">During the year, we paid $3.8 million for business combination
transactions of which $0.8&nbsp;million was for the payment of contingent
consideration of previous acquisitions, $2.9 million (&#8364;2.1 million) was for the
balance of the purchase price for the May 2012 acquisition of OAA and $0.1
million was to acquire the assets of RW&nbsp;Consulting and Training Services
LTD (RWCTS), a provider of mining training and consulting services. The total
consideration transferred for the RWCTS acquisition is $0.4&nbsp;million,
including <br>
$0.3 million of contingent consideration. </font></font></p>








<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Calibri,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:3.0pt;margin-left:50.1pt;margin-right:0in;margin-top:9.0pt;text-align:justify;text-indent:-50.1pt;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;">9.</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;">BUSINESS RISK AND UNCERTAINTY</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:4.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We operate in several industry segments
that have various risks and uncertainties. Management and the Board discuss
quarterly the principal risks facing our business, as well as annually during
the strategic planning and budgeting processes. The risks and uncertainties
described below are risks that could materially affect our business, financial
condition and results of operation. These risks are categorized as
industry-related risks, risks specific to CAE and risks related to the current
market environment. These are not necessarily the only risks we face;
additional risks and uncertainties that are presently unknown to us or that we
may currently deem immaterial may adversely affect our business.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">In order to mitigate the risks that
may impact our future performance, management has established an enterprise
risk management process to identify, assess and prioritize these risks.
Management develops and deploys risk mitigation strategies that align with our
strategic objectives and business processes. Management reviews the evolution
of the principal risks facing our business on a quarterly basis and the Board
oversees the risk management process and validates it through procedures
performed by our internal auditors when it deems necessary. </font></font></p>

<p style="margin-bottom:3.0pt;margin-left:.4in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-indent:-.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">9.1</font></b></font><font color=#777777 face="times new roman"><b><font lang=FR-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">Risks relating to the industry</font></b></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Competition</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We sell
our simulation equipment and training services in highly competitive markets.
New participants have emerged in recent years and the competitive environment
has intensified as aerospace and defence companies position themselves to try
to take greater market share by consolidating existing civil simulation
companies and by developing their own internal capabilities. Most recently, Textron,
Lockheed Martin and L-3 Communications have acquired commercial aircraft
simulator competitors. Most of our competitors in the simulation and training
markets are also involved in other major segments of the aerospace and defence
complex beyond simulation and training. As such, they are larger than we are,
and may have greater financial, technical, marketing, manufacturing and
distribution resources. In addition, our main competitors are either aircraft
manufacturers, or have well-established relationships with, or are important
suppliers to, aircraft manufacturers, airlines and governments, which may give
them an advantage when competing for projects for these organizations. In
particular, we face competition from Boeing, which has pricing and other
competitive advantages over us. Boeing has a licencing model for Boeing civil
aircraft simulators which includes a requirement for simulator manufacturers
and service training operators to pay Boeing a royalty to manufacture, update
or upgrade a simulator, and to provide training services on Boeing simulators.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Airbus
has decided to deepen its services offered to customers for training services.
OEMs like Airbus and Boeing have certain advantages in competing with
independent training service providers. An OEM controls the pricing for the
data, parts and equipment packages that are often required to manufacture a
simulator specific to that OEM&#8217;s aircraft, which in turn is a critical capital
cost for any simulation-based training service provider. OEMs may be in a
position to demand licence royalties to permit the manufacturing of simulators
based on the OEM&#8217;s aircraft, and/or to permit any training on such simulators.
CAE also has some advantages, including being a simulator manufacturer, having
the ability to replicate certain aircraft without data, parts and equipment
packages from an OEM, and owning a diversified training network that includes
joint ventures with large airline operators which are aircraft customers for
OEMs. We work with some OEMs on business opportunities related to equipment and
training services. </font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
obtain most of our contracts through competitive bidding processes that subject
us to the risk of spending a substantial amount of time and effort on proposals
for contracts that may not be awarded to us. A significant portion of our
revenue is dependent on obtaining new orders and continuously replenishing our
backlog. We cannot be certain that we will continue to win contracts through
competitive bidding processes at the same rate as we have in the past. The
presence of new market participants as noted above, and their efforts to gain market
share, creates heightened competition in bidding which may negatively impact
pricing and margins.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Economic
growth underlies the demand for all of our products and services. Periods of
economic recession, constrained credit, and or government austerity generally
lead to heightened competition for each available order. This in turn typically
leads to a reduction in profit on sales won during such a period. Should such
conditions occur, we could experience price and margin erosion. </font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Level and timing of defence spending</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">A
significant portion of our revenue comes from sales to defence and security
customers around the world. We are either the primary contractor or a
subcontractor for various programs by Canadian, U.S., European, and other
foreign governments. If funding for a government program is cut, we could lose
future revenue, which could have a negative effect on our operations. When
countries we have contracts with significantly lower their military spending,
there could be a material negative effect on our sales and earnings. </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In
Europe, force structure reductions and reduced future investment plans have
narrowed the pipeline of new opportunities</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">. We are
also experiencing longer and delayed procurement processes in mature markets,
such as the U.S. and Canada, which impacts the timing of contract awards and
results in delayed recognition of revenue.</font></font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">40</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


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<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Government-funded
military programs</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Like
most companies that supply products and services to governments, we can be
audited and reviewed from time to time. Any adjustments that result from
government audits and reviews may have a negative effect on our results of
operations. Some costs may not be reimbursed or allowed in negotiations of
fixed-price contracts. As a result, we may also be subject to a higher risk of
legal actions and liabilities than companies that cater only to the private
sector, which could have a materially negative effect on our operations.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Civil aviation industry</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">A
significant portion of our revenue comes from supplying equipment and training
services to the commercial and business airline industry.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">If jet
fuel prices attain high levels for a sustained period, there could be a greater
impetus for airlines to replace older, less <br>
fuel-efficient aircraft. However, higher fuel costs could also limit the
airlines&#8217; available financial resources, and could potentially cause deliveries
of new aircraft to be delayed or cancelled. Airlines may slow capacity growth
or cut capacity should sustained high fuel costs make the availability of such
capacity not economically viable. Such a reaction would negatively affect the
demand for our training equipment and services. </font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Constraints
in the credit market may reduce the ability of airlines and others to purchase
new aircraft, negatively affecting the demand for our training equipment and
services, and the purchase of our products. </font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We are
also exposed to credit risk on accounts receivable from our customers. We have
adopted policies to ensure we are not significantly exposed to any individual customer.
Our policies include analyzing the financial position of certain customers and
regularly reviewing their credit quality. We also subscribe from time to time
to credit insurance and, in some instances, require a bank letter of credit to
secure our customers&#8217; payments to us.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Regulatory rules imposed by aviation
authorities</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We are
required to comply with regulations imposed by aviation authorities. These
regulations may change without notice, which could disrupt our sales and
operations. Any changes imposed by a regulatory agency, including changes to
safety standards imposed by aviation authorities such as the U.S. FAA, could
mean that we have to make unplanned modifications to our products and services,
causing delays or resulting in cancelled sales. We cannot predict the impact
that changing laws or regulations might have on our operations. Any changes
could present opportunities or, to the contrary, have a materially negative
effect on our results of operations or financial condition.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Sales or licences of certain CAE products
require regulatory approvals and compliance</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The
sale or licence of many of our products is subject to regulatory controls.
These can prevent us from selling to certain countries, or to certain entities
or people in a country, and require us to obtain from one or more governments
an export licence or other approvals to sell certain technology such as
military related simulators or other training equipment, including military
data or parts. These regulations change often and we cannot be certain that we
will be permitted to sell or licence certain products to customers, which could
cause a potential loss of revenue for us. </font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">If we
fail to comply with government laws and regulations related to export controls
and national security requirements, we could be fined and/or suspended or
barred from government contracts or subcontracts for a period of time, which
would negatively affect our revenue from operations and profitability, and
could have a negative effect on our reputation and ability to procure other
government contracts in the future.</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Conflict minerals</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We are subject to rules of the
Securities Exchange Commission (SEC) issued pursuant to the Dodd-Frank Wall
Street Reform and Consumer Protection Act that require public companies to
conduct due diligence on and disclose whether certain materials including gold,
tantalum, tin and tungsten that originate from mines in the Democratic Republic
of the Congo or certain adjoining countries, known as conflict minerals, are
used in products that we manufacture. The first report is due by May 31, 2014
for the 2013 calendar year and we have implemented appropriate measures to
comply with such requirements, including verifying with our suppliers the
sources of their minerals. The implementation of these rules could adversely
affect the sourcing, supply, and pricing of materials used in our products,
although this has not proved to be the case to date. If we determine that
certain of our products contain minerals not determined to be conflict free or
if we are unable to sufficiently verify the origins for all conflict minerals
used in our products, it could have a negative effect on our reputation. </font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=calibri,sans-serif><font lang=EN-US style="font-size:11.0pt;">&nbsp;</font></font></p>





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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">41</font></font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></p>


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<p style="margin-bottom:3.0pt;margin-left:.4in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-indent:-.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">9.2</font></b></font><font color=#777777 face="times new roman"><b><font lang=FR-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">Risks relating to the Company</font></b></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Product evolution</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The civil aviation and defence and
security markets in which we operate are characterized by changes in customer
requirements, new aircraft models and evolving industry standards. If we do not
accurately predict the needs of our existing and prospective customers or
develop product enhancements that address evolving standards and technologies,
we may lose current customers and be unable to attract new </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;letter-spacing:-.1pt;">customers. This could reduce our revenue. The
evolution of the technology could also have a negative impact on the value of
our fleet of FFSs.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:8.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Research and
development activities</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
carry out some of our R&amp;D initiatives with the financial support of
governments, including the Government of Qu&#233;bec through Investissement Qu&#233;bec
(IQ) and the Government of Canada through its Strategic Aerospace and Defence
Initiative (SADI). In February 2014, CAE and the Government of Canada entered
into a new SADI funding program for a five and a half year period. The level of
government financial support reflects government policy, fiscal policy and
other political and economic factors. We may not, in the future, be able to
replace these existing programs with other government funding and/or
risk-sharing programs of comparable benefit to us, which could have a negative
impact on our financial performance and research and development activities.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
receive investment tax credits on eligible R&amp;D activities that we undertake
in Canada from the federal government and investment tax credits on eligible
R&amp;D activities that we undertake in Qu&#233;bec from the provincial government.
The credits we receive are based on federal and provincial legislation
currently enacted. The investment tax credits available to us can be reduced by
changes to the respective governments&#8217; legislation which could have a negative
impact on our financial performance and research and development activities. </font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;font-weight:normal;">&nbsp;</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Fixed-price and
long-term supply contracts</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
provide our products and services mainly through fixed-price contracts that
require us to absorb cost overruns, even though it can be difficult to estimate
all of the costs associated with these contracts or to accurately project the
level of sales we may ultimately achieve. In addition, a number of contracts to
supply equipment and services to commercial airlines and defence organizations
are long-term agreements that run up to 20 years. While some of these contracts
can be adjusted for increases in inflation and costs, the adjustments may not
fully offset the increases, which could negatively affect the results of our
operations.</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Procurement and
OEM leverage</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
secure data, parts, equipment and many other inputs from a wide variety of
OEMs, sub-contractors and other sources. We are not always able to find two or
more sources for inputs that we require and in the case of specific aircraft
simulators and other training equipment, significant inputs can only be sole
sourced. We may therefore be vulnerable to delivery schedule delays, the
financial condition of the sole-source suppliers and their willingness to deal
with us. Within their corporate groups, some sole-source suppliers include
businesses that compete with parts of our business. This could lead to onerous
licencing terms, high licence fees or even refusal to licence to us the data,
parts and equipment packages that are often required to manufacture and operate
for training, a simulator based on an OEM&#8217;s aircraft. </font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:8.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Warranty or
other product-related claims</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We
manufacture simulators that are highly complex and sophisticated. These may
contain defects that are difficult to detect and correct. If our products fail
to operate correctly or have errors, there could be warranty claims or we could
lose customers. Correcting these defects could require significant capital
investment. If a defective product is integrated into our customer&#8217;s equipment,
we could face product liability claims based on damages to the customer&#8217;s
equipment. Any claims, errors or failures could have a negative effect on our
operating results and business. We cannot be certain that our insurance
coverage will be sufficient to cover one or more substantial claims.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Product integration and program
management risk</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our
business could be negatively affected if our products do not successfully
integrate or operate with other sophisticated software, hardware, computing and
communications systems that are also continually evolving. If we experience
difficulties on a project or do not meet project milestones, we may have to
devote more engineering and other resources than originally anticipated. While
we believe we have recorded adequate provisions for risks of losses on fixed-price
contracts, it is possible that fixed-price and long-term supply contracts could
subject us to additional losses that exceed obligations under the terms of the
contracts.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Protection of intellectual property</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We rely
in part on trade secrets and contractual restrictions, such as confidentiality
agreements, patents and licences, to establish and protect our proprietary
rights. These may not be effective in preventing a misuse of our technology or
in deterring others from developing similar technologies. We may be limited in
our ability to acquire or enforce our intellectual property rights in some
countries. Litigation
related to our intellectual property rights could be lengthy and costly and
could negatively affect our operations or financial results, whether or not we
are successful in defending a claim.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:8.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Intellectual
property</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our
products contain sophisticated software and computer systems that are supplied
to us by third parties. These may not always be available to us. Our production
of simulators often depends on receiving confidential or proprietary data on
the functions, design and performance of a product or system that our
simulators are intended to simulate. We may not be able to obtain this data on
reasonable terms, or at all.</font></font></p>

<p style="line-height:7.0pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Infringement
claims could be brought against us or against our customers. We may not be
successful in defending these claims and we may not be able to develop
processes that do not infringe on the rights of third parties, or obtain
licences on terms that are commercially acceptable, if at all.</font></font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">42</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


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<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Certain markets in which we operate,
including without limitation the healthcare market, are subject to extensive
patenting by third parties. Our ability to modify existing products or to
develop new products may be constrained by third party patents such that we
incur incremental costs to licence the use of the patent or design around the
claims made therein.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:8.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Key personnel</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our
continued success will depend in part on our ability to retain and attract key
personnel with the relevant skills, expertise and experience. Our compensation
policy is designed to mitigate this risk.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Environmental
liabilities</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We use,
generate, store, handle and dispose of hazardous materials at our operations,
and used to at some of our discontinued or sold operations. Past operators at
some of our sites also carried out these activities.</font></font></p>

<p style="line-height:7.0pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">New
laws and regulations, stricter enforcement of existing laws and regulations,
the discovery of previously unknown contamination, new clean-up requirements or
claims on environmental indemnities we have given may result in us having to
incur substantial costs. This could have a materially negative effect on our
financial condition and results of operations.</font></font></p>

<p style="line-height:7.0pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">In
addition, our discontinued operations are largely uninsured against such
claims, so an unexpectedly large environmental claim against a discontinued
operation could reduce our profitability in the future.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Liability claims
arising from casualty losses</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Because of the
nature of our business, we may be subject to liability claims, including claims
for serious personal injury or death, arising from:</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Accidents or disasters involving training
equipment that we have sold or aircraft for which we have provided training
equipment or services;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our pilot provisioning;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:11.4pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-11.4pt;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our live flight training operations.</font></font></p>

<p style="line-height:7.0pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We may
also be subject to product liability claims relating to equipment and services
that our discontinued operations sold in the past. We cannot be certain that
our insurance coverage will be sufficient to cover one or more substantial
claims.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Integration of acquired businesses</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The
success of our acquisitions depends on our ability to crystallize synergies
both in terms of successfully marketing our broadened product offering as well
as efficiently consolidating the operations of the acquired businesses into our
existing operations.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Our ability to penetrate new markets</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We are leveraging
our knowledge, experience and best practices in simulation-based aviation
training and optimization to penetrate the simulation-based training markets in
healthcare and mining.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">As we operate
in these markets, unforeseen difficulties and expenditures could arise, which
may have an adverse effect on our operations, profitability and reputation.
Penetrating new markets is inherently more difficult than managing within our
already established core markets.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Enterprise resource planning (ERP)</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Following
the successful implementation of the Canadian manufacturing portion of the ERP
system in fiscal 2013, we continue to invest time and money in the next phases.
If the system does not operate as expected or when expected, we may not be able
to realize the expected value of the system and this may have a negative effect
on our operations, reporting capabilities, profitability and reputation. A
governance process has been designed to mitigate this risk.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Length of sales cycle</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The
sales cycle for our products and services is long and unpredictable, ranging
from 6 to 18 months for civil aviation applications and from 6 to 24 months or
longer for military applications. During the time when customers are evaluating
our products and services, we may incur expenses and management time. Making
these expenditures in a period that has no corresponding revenue will affect
our operating results and could increase the volatility of our share price. We
may pre-build certain products in anticipation of orders to come and to
facilitate a faster delivery schedule to gain competitive advantage; if orders
for those products do not materialize when expected, we have to carry the pre-built
product in inventory for a period of time until a sale is realized.</font></font></p>

<p style="margin:0in;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Security and information technology</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We depend on information technology
networks and systems to process, transmit and store electronic data and
financial information, to manage business operations and to comply with
regulatory, legal, national security, contractual and tax requirements. In
addition, our business requires the appropriate and secure utilization of
sensitive and confidential information belonging to third parties such as
aircraft OEMs and national defence forces. An information technology system
failure, cyber-attack or breach of systems security could disrupt our
operations, cause the loss of, or unauthorized access to, business information,
compromise confidential information, expose us to regulatory investigation and
litigation, require significant management attention and resources and could
materially and adversely affect our operations, reputation and financial
performance. We have implemented security controls, policy enforcement
mechanisms and monitoring systems in order to prevent, detect and address
potential threats. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&#160;&nbsp;</font></font></p>





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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">43</font></font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></p>


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<p style="margin-bottom:3.0pt;margin-left:.4in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-indent:-.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">9.3</font></b></font><font color=#777777 face="times new roman"><b><font lang=FR-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=FR-CA style="font-size:9.5pt;">Risks relating to the market</font></b></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Foreign exchange</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our
operations are global with approximately 90% of our revenue generated from
worldwide exports and international activities generally denominated in foreign
currencies, mainly the U.S. dollar, the Euro and the British pound. Our revenue
is generated approximately one-third in each of the U.S, Europe and the rest of
the world.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">A
significant portion of the revenue generated in Canada is in foreign
currencies, while a large portion of our operating costs in Canadian dollars.
When the Canadian dollar increases in value, it negatively affects our foreign
currency-denominated revenue and hence our financial results. </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">We
continue to hold a portfolio of currency hedging positions intended to mitigate
the risk to a portion of future revenues presented by the volatility of the
Canadian dollar versus foreign currencies. The hedges are intended to cover a
portion of the revenue in order to allow the unhedged portion to match the
foreign cost component of the contract. </font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">It is not possible to completely offset
the effects of changing foreign currency values, which leaves some residual
exposure that may impact our financial results. </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">When the Canadian
dollar decreases in value, it negatively affects our foreign
currency-denominated costs and our competitive position compared to other
equipment manufacturers in jurisdictions where operating costs are lower. </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In
order to reduce the variability of specific U.S. dollar and Euro-denominated
manufacturing costs, we </font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">also </font></font><font face=helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">hedge some of the
foreign currency costs incurred in our manufacturing process</font></font><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Business
conducted through our foreign operations are substantially based in local
currencies. A natural hedge exists by virtue of revenues and operating expenses
being in like currencies. However, changes in the value of foreign currencies
relative to the Canadian dollar creates unhedged currency translation exposure
since results are consolidated in Canadian dollars for financial reporting
purposes. Devaluation of foreign currencies against the Canadian dollar would
have a negative translation impact and an appreciation of foreign currencies
against the Canadian dollar would have the opposite effect.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Availability of capital</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our main credit facility, which was extended
in October 2013, is scheduled for renewal in October 2018. We cannot determine
at this time whether the credit facility will be renewed at the same cost, for
the same duration and on similar terms as were previously available. </font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We also have various debt facilities with
maturities until October 2036. We cannot determine at this time whether these
facilities will be refinanced at the same cost, for the same durations and on
similar terms as were previously available.</font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Pension plans</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Pension
funding is based on actuarial estimates and is subject to limitations under
applicable income tax and other regulations. Actuarial estimates prepared
during the year were based on assumptions related to projected employee
compensation levels at the time of retirement and the anticipated long-term
rate of return on pension plan assets. The actuarial funding valuation reports
determine the amount of cash contributions that we are required to contribute
into the registered retirement plans. Our latest pension funding reports show
the pension plans to be in a solvency deficit position. Therefore, we are
required to make cash funding contributions. If this reduced level of pension
fund assets persists to the date of the next funding valuations, we will be
required to increase our cash funding contributions, reducing the availability
of funds for other corporate purposes. </font></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Doing business in
foreign countries</font></b></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">We have
operations in 35 countries and sell our products and services to customers
around the world. Sales to customers outside North America made up
approximately 60% of revenue in fiscal 2014. We expect sales outside North
America to continue to represent a significant portion of revenue in the
foreseeable future. As a result, we are subject to the risks of doing business
internationally, including geopolitical instability.</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">These are the main risks we are facing:</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Change in laws and regulations;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Tariffs, embargoes, controls and other restrictions;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">General changes in economic and geopolitical conditions;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=symbol><font lang=EN-US style="font-size:8.5pt;">-</font></font><font face="times new roman"><font lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Complexity and corruption risks of using foreign representatives and
consultants.</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Income tax laws </font></b></font></p>

<p style="line-height:9.5pt;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">A substantial portion of our business is conducted in
foreign countries and is thereby subject to numerous countries&#8217; tax laws and
fiscal policies. A change in applicable tax laws, treaties or regulations or
their interpretation could result in a higher effective tax rate on our
earnings which could be significant to our financial results.</font></font></p>









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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">44</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman"><font lang=EN-CA style="font-size:2.0pt;">&nbsp;</font></font></p>


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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></font></p></div>

<p style="margin:9pt 0in 3pt 50.1pt;text-align:justify;text-indent:-50.1pt;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10pt;">10.</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7pt;">&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10pt;">RELATED PARTY TRANSACTIONS</font></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">A list of principal investments which significantly impact our results or assets is presented in Note 32 of our consolidated financial statements.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The following table presents our outstanding balances with joint ventures:</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=54% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:8pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">2013&nbsp;</font></font></p></td>
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<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=54% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Accounts receivable</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">30.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">49.9&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=54% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Contracts in progress: assets</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">13.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">41.3&nbsp;</font></font></p></td>
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  <td valign=bottom width=54% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Other assets</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">30.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">34.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=54% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Accounts payable and accrued liabilities</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">16.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">25.3&nbsp;</font></font></p></td>
 </tr>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Contracts in progress: liabilities</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">6.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">9.3&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Other assets include a finance lease receivable of $16.9 million (March 31, 2013 - $19.0 million) maturing in October 2022 and carrying an interest rate of </font></font><font face=arial,sans-serif><font lang=EN-US style="font-size:8.5pt;">5.14</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">% per annum, loans receivable of $8.4 million (March 31, 2013 - $10.4 million) maturing in September&nbsp;2016 and December 2017 and carrying respectively an interest rate of LIBOR 6 month plus 1% and 11% per annum and a long-term receivable of $5.3 million (March 31, 2013 &#8211; $4.9 million) with no repayment term. As at March 31, 2014 and 2013, there are no provisions held against any of the receivables from related parties.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The following table presents our transactions with joint ventures:</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:505.5pt;">
 <tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=54% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:8pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=54% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue from products and services</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">101.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">131.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=54% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Purchases of products and services, and other</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">11.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">12.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=54% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Other income transactions</font></font></p></td>
 <td valign=bottom width=22% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2.8&nbsp;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">In addition, during fiscal 2014, transactions amounting to $2.7 million (2013 </font></font><font face=calibri,sans-serif><font lang=EN-US style="font-size:8.5pt;">&#8211;&nbsp;</font></font><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> $4.3 million) were made, at normal market prices, with organizations whose partners or officers included one of our directors.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="line-height:115%;margin:0in 0in 2pt;"><font face=helvetica,sans-serif style="line-height:115%;"><font face=helvetica,sans-serif><b><font lang=EN-US style="font-size:8.5pt;">Compensation of key management personnel</font></b></font></font></p>

<p style="line-height:normal;margin:0in 0in 0pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Key management personnel have the ability and responsibility to make major operational, financial and strategic decisions for the Company and include certain executive officers. The compensation of key management for employee services is shown below:</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:748pt;">
 <tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=52% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:8pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">2013&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Salaries and other short-term employee benefits</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">3.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">4.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Post-employment benefits</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=52% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Termination benefits</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">-&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=52% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Share-based payments</font></font></p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">6.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=52% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:8.5pt;">14.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:8.5pt;">8.4&nbsp;</font></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:2.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
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<tr>
  <td width=52%>&nbsp;</td>
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</table></div>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">45</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>
<a name="page_47"></a><div style="padding-left:0%;padding-right:0%;width:100%;">

<div>


<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></p>


</div>
<p style="margin-bottom:3.0pt;margin-left:50.1pt;margin-right:0in;margin-top:9.0pt;text-align:justify;text-indent:-50.1pt;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;text-transform:uppercase;">11.</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7.0pt;text-transform:uppercase;">&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10.0pt;text-transform:uppercase;">changes in accounting POLICIES</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=helvetica,sans-serif><font lang=FR-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin-bottom:0in;margin-left:.4in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">11.1</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">New and amended standards adopted</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:8.5pt;">Joint arrangements</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In May 2011, the
IASB released IFRS 11, </font></font><font face=Helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;">Joint Arrangements</font></i></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, which supersedes IAS 31, </font></font><font face=Helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;">Interests
in Joint Ventures</font></i></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, and SIC-13, </font></font><font face=Helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;">Jointly Controlled Entities &#8211;
Non-monetary Contributions by Venturers</font></i></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">. IFRS 11 focuses on the rights and
obligations of a joint arrangement, rather than its legal form as was
previously the case under IAS 31. The standard addresses inconsistencies in the
reporting for joint arrangements by requiring the equity method to account for
interests in jointly controlled entities. We previously accounted for our
interests in joint ventures using the proportionate consolidation method and
now account for our interest</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">s&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> in joint ventures using the equity method.
IFRS 11 was adopted retrospectively effective April 1<sup>st</sup>, 2013 in accordance
with the transition rules of IFRS 11. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Under the equity
method, our share of net assets, net income and other comprehensive income
(OCI) of joint ventures will be presented as one-line items on the statement of
financial position, the statement of income and the statement of comprehensive
income, respectively. In addition, the consolidated statement of cash flows
includes the cash flows between </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">us&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> and </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">our&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> joint ventures, and not </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">our&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
proportionate share of the joint ventures&#8217; cash flows. We assessed that the
classification of our joint arrangements remained the same upon adoption of
IFRS 11. When making this assessment</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">,&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> we considered the structure of the
arrangements, the legal form of any separate vehicles, the contractual terms of
the arrangements and other facts and circumstances. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:8.5pt;">Employee benefits</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In June 2011, the
IASB amended IAS 19, </font></font><font face=Helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;">Employee Benefits</font></i></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">. IAS 19 was amended to require
the calculation of a net interest </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">that is
calculated by applying the discount rate to</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> the net defined benefit liability or asset </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">and&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> to expand the disclosure requirements</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">.&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> As a result, we determine</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">d&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> a net interest expense on the net defined
benefit liability which </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">is&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
presented as part of the finance expense. </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The net interest on the defined benefit obligation
liability or asset replaces the interest cost on the defined benefit obligation
and the expected return on plan assets</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">.&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> The
amended IAS 19 was adopted retrospectively effective April 1<sup>st</sup>, 2013
in accordance with the transition rules of the amended IAS 19 and additional
disclosure is provided in Note 14 of our annual consolidated financial
statements.</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> &nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:8.5pt;">Consolidation</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In May 2011, the
IASB released IFRS 10, </font></font><font face=Helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;">Consolidated Financial Statements</font></i></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, which replaces
SIC-12, </font></font><font face=Helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;">Consolidation &#8211; Special Purpose Entities</font></i></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, and parts of IAS 27, </font></font><font face=Helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;">Consolidated
and Separate Financial Statements</font></i></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">. The new standard builds on existing
principles by identifying the concept of control as the determining factor in
whether an entity should be included in a company&#8217;s consolidated financial
statements. IFRS 10 was adopted </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">retrospectively
</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">effective April 1<sup>st</sup>,
2013</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> in accordance with the transition
rules of IFRS 10</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">. We assessed
that the adoption of IFRS 10 </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">does&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> not result in any change in the
consolidation status of our subsidiaries. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:8.5pt;">Disclosure of interests in other entities</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In May 2011, the
IASB released IFRS 12, </font></font><font face=Helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;">Disclosure of Interests in Other Entities</font></i></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">. IFRS
12 </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">requires disclosure</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> for all forms of interests in other
entities, including joint arrangements, associates and unconsolidated
structured entities. The standard requires an entity to disclose information
regarding the nature and risks associated with its interests in other entities
and the effects of those interests in its financial position, financial
performance and cash flows. IFRS 12 was adopted effective April 1<sup>st</sup>,
2013</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> in accordance with the transition
rules of IFRS 12</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">. The new
disclosure pursuant to IFRS 12 </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">is&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> included in </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">our&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> annual consolidated
financial statements.</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></i></b></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:8.5pt;">Fair value measurement</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In May 2011, the
IASB released IFRS 13, </font></font><font face=Helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;">Fair Value Measurement</font></i></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">. IFRS 13 defines fair
value, sets out in a single IFRS a framework for measuring fair value and
requires disclosure about fair value measurements. IFRS 13 applies when other
IFRS standards require or permit fair value measurements. It does not </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">extend the use of </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">fair value</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">
accounting but provides guidance on how it should be applied when its use is
already required or permitted by other standards within IFRS</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">. IFRS 13 was adopted
prospectively effective April 1<sup>st</sup>, 2013 in accordance with the transitional
rules of IFRS 13. </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Other </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">than additional disclosure which </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">is&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
included in </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"><br>
</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">Note</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">29</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, the adoption of IFRS 13 has no significant impact on
our consolidated financial statements</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:8.5pt;">Financial statement presentation</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In June 2011, the
IASB amended IAS 1, </font></font><font face=Helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;">Financial Statement Presentation, </font></i></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">to change the
disclosure of items presented in OCI, including a requirement to separate items
presented in OCI into two groups based on whether or not they may be recycled
to </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">net </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">income in the future. The amendments were adopted
effective April 1<sup>st</sup>, 2013</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> in
accordance with the transition rules of IAS 1</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">. The new OCI requirements are presented in our
consolidated statement of comprehensive income.</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></i></b></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:8.5pt;">Financial instrument disclosures</font></i></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In December 2011,
the IASB amended IFRS 7, </font></font><font face=Helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;">Financial Instrument: Disclosures</font></i></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">, on asset and
liability offsetting. The amendment requires additional disclosures
illustrating the effect or potential effect of netting arrangements associated
with </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">our&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> recognized financial assets and financial liabilities.
The amendments were adopted retrospectively effective April 1st, 2013 in
accordance with the transition rules of IFRS 7 and the additional disclosure </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">is&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">
included in Note </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">29 of our annual
consolidated financial statements </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">.&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:2.0pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:8.5pt;">&nbsp;</font></i></b></font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">46</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></font></p></div>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:8.5pt;">Property, plant and equipment</font></i></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In the 2011 Annual Improvements, the IASB amended IAS 16, </font></font><font face=Helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;">Property, Plant and Equipment, </font></i></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">to clarify when certain assets are property, plant and equipment or inventory. This amendment clarifies that major spare parts and servicing equipment that meet the definition of property, plant and equipment are not inventory. The 2011 annual improvement amendment removes the requirement for spare parts and servicing equipment used only in connection with an item of property, plant and equipment to be classified as property, plant and equipment. This annual improvement was adopted </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">retrospectively </font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">effective April 1<sup>st</sup>, 2013</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> in accordance with the transition rules of IAS 16</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">. The amendment of IAS 16 ha</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">s&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> no impact on our consolidated financial statements.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 2pt;text-align:justify;"><font face=Helvetica,sans-serif><b><i><font lang=X-NONE style="font-size:8.5pt;">Impairment of non-financial assets</font></i></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;">In May 2013, the IASB amended IAS 36, </font></font><font face=Helvetica,sans-serif><i><font lang=X-NONE style="font-size:8.5pt;">Impairment of assets</font></i></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> regarding disclosures for non-financial assets. This amendment removed certain disclosures related to the recoverable amount of CGUs which had been included in IAS 36 </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">with&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> the issue of IFRS 13. The amendment is not mandatory until January 1st, 2014, however; </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">we&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> ha</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">ve&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=X-NONE style="font-size:8.5pt;"> decided to adopt the amendment as of April 1st, 2013. </font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The following tables summarize the adjustments to our consolidated statement of financial position as at April 1, 2012 and <br>March 31, 2013, and our consolidated statements of income, comprehensive income and cash flows for the year ended <br>March 31, 2013 as a result of those changes in accounting policies: </font></font></p>

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   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Summary reconciliation of financial position </font></b></font></p></td>
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 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IFRS 11</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IAS 19</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">March 31, 2013</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IFRS 11</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IAS 19</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">April 1, 2012</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td colspan=3 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">March 31, 2013</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Restated</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">April 1, 2012</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Restated</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Assets</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash and cash equivalents</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">293.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(33.2)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">260.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">287.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(32.6)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">254.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=4 valign=bottom width=24% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total current assets, excluding </font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">cash and cash equivalent</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,040.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,047.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">860.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">860.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=4 valign=bottom width=24% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Property, plant and equipment</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,498.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(355.8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,142.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,293.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(300.5)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">993.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Investment in equity</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">accounted investees</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">196.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">196.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">172.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">172.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other non-current assets</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1,046.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,044.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">741.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">5.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">747.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total assets</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3,878.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(187.4)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3,691.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3,183.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(154.8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3,028.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Liabilities and equity</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Total current liabilities</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,002.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(96.4)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">906.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">883.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(57.6)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">825.8&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Provisions</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">8.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.4)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">7.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">6.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.5)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">5.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Long-term debt</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,097.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(94.2)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,002.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">685.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(97.2)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">588.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Royalty obligations</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">160.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">160.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">161.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">161.6&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Employee benefits obligations</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">136.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">136.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">114.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">114.3&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other non-current liabilities</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">339.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">331.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">290.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">281.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total liabilities</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2,744.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(199.3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,544.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2,141.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(164.1)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,977.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Equity</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Share capital</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">471.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">471.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">454.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">454.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Contributed surplus</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">21.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">21.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">19.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">19.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Accumulated other</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">comprehensive loss</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(16.6)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">4.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(12.0)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(6.0)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Retained earnings</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">625.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">7.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">633.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">558.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">5.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">563.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity attributable to equity</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td valign=bottom width=3% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=18% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">holders of the Company</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,102.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">11.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,114.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,021.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">9.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,031.1&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-controlling interests</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">31.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">31.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">20.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">20.3&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total equity</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1,134.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">11.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,146.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1,042.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">9.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.1)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,051.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=21% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total liabilities and equity</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3,878.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(187.4)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3,691.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3,183.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(154.8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3,028.9&nbsp;</font></b></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">47</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_49"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></p></div>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:15pt;page-break-inside:avoid;">
  <td colspan=20 valign=bottom width=100% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Reconciliation of net income </font></b></font></p></td>
 </tr>
<tr style="height:15pt;page-break-inside:avoid;">
  <td valign=bottom width=3% style="background:white;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=38% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:15pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Year ended March 31, 2013</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">As previously</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IFRS 11</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IAS 19</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions, except per share amounts)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">reported</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Restated</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Revenue</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2,104.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(69.3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2,035.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cost of sales</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1,482.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(31.8)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.6)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">1,450.4&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Gross profit</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">621.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(37.5)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">584.8&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Research and development expenses</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">60.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.5)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">60.1&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Selling, general and administrative expenses</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">269.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(5.6)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">264.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Other gains &#8211; net</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(23.4)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(22.4)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">After tax share in profit of equity accounted investees</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(20.1)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(20.1)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Restructuring, integration and acquisition costs</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">68.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.2)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">68.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 width=44% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Operating profit</font></b></font></p></td>
 <td width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">245.7&nbsp;</font></font></p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(12.1)</font></font></p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.4&nbsp;</font></font></p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">234.0&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Finance income</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(7.3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(2.1)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(9.4)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Finance expense</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">75.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(6.1)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">5.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">74.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 width=44% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Finance expense &#8211; net</font></font></p></td>
 <td width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">68.2&nbsp;</font></font></p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(8.2)</font></font></p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">5.1&nbsp;</font></font></p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">65.1&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Earnings before income taxes</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">177.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.9)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(4.7)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">168.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Income tax expense</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">35.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(5.7)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(1.2)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">28.2&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 width=44% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net income</font></b></font></p></td>
 <td width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">142.4&nbsp;</font></font></p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1.8&nbsp;</font></font></p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.5)</font></font></p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">140.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Attributable to:</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity holders of the Company </font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">139.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">1.8&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.5)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">137.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-controlling interests</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">3.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.0&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Earnings per share from continuing operations </font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">attributable to equity holders of the Company</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Basic and diluted</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.54&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(0.01)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">0.53&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Weighted average number of</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">shares outstanding (basic)</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">259.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">259.0&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Weighted average number of</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">shares outstanding (diluted)</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">259.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">259.4&nbsp;</font></b></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:503.25pt;">
 <tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=17 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Summary reconciliation of comprehensive income</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:17.25pt;page-break-inside:avoid;">
  <td valign=bottom width=3% style="background:white;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=38% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=7 valign=bottom width=24% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:17.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Year ended March 31, 2013</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=12% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">As previously</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IFRS 11</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IAS 19</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=9% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">reported</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Restated</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Net income</font></b></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">142.4&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">1.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(3.5)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">140.7&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Foreign currency translation</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.5&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">2.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Net changes in cash flow hedge</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(9.2)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(8.4)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Defined benefit plan actuarial losses</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(22.5)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(18.9)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=4 valign=bottom width=51% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Other comprehensive loss</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">(29.2)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.8&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(24.8)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=4 valign=bottom width=51% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Total comprehensive income</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">113.2&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">2.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">115.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=4 valign=bottom width=51% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Attributable to:</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Equity holders of the Company</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">110.1&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">112.8&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=44% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Non-controlling interests</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">3.1&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">3.1&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=4 valign=bottom width=51% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">113.2&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">2.6&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">0.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">115.9&nbsp;</font></b></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:751pt;">
 <tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=18 valign=bottom width=99% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Summary reconciliation of statement of cash flows </font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:14.25pt;page-break-inside:avoid;">
  <td valign=bottom width=3% style="background:white;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=23% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=3 valign=bottom width=14% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:14.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:7.5pt;">Year ended March 31, 2013</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=4 valign=bottom width=20% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">As previously</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IFRS 11</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">IAS 19</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=29% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=#000000 face=helvetica,sans-serif><i><font style="font-size:7.5pt;">(amounts in millions)</font></i></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">reported</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><font style="font-size:7.5pt;">Adjustment</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=13% style="background:white;border-bottom:#000000 1px solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=#000000 face=helvetica,sans-serif><b><font style="font-size:7.5pt;">Restated</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash provided by operating activities</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">204.1&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(49.6)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">154.5&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=29% style="background:white;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash used in investing activities</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(504.9)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">71.2&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">(433.7)</font></b></font></p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=29% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">Cash provided by financing activities</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">306.7&nbsp;</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">(22.2)</font></font></p></td>
 <td valign=bottom width=6% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:7.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:7.5pt;">284.5&nbsp;</font></b></font></p></td>
 </tr>
<tr>
  <td width=3%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=23%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=2%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=6%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">48</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>
<a name="page_50"></a><div style="padding-left:0%;padding-right:0%;width:100%;">

<div>


<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></font></p>


</div>
<p style="line-height:.7pt;margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif><font lang=EN-CA style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="margin-bottom:0in;margin-left:.4in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">11.2</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">New and amended standards not yet
adopted </font></b></font></p>

<p style="line-height:normal;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Financial Instruments</font></b></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">October 2010</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, the
IASB </font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">released&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> I</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">FRS 9</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Financial
Instruments</font></i></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">.&nbsp;</font></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> IFRS 9, which is the first part of a three-part
project to replace IAS&nbsp;39, </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Financial Instruments: recognition and
measurement.</font></i></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;"> This first part addresses the classification and measurement
of financial assets and financial liabilities. The IASB is considering making
limited modifications to this part, which would include the introduction of a
fair value through OCI category for debt instruments that would be based on a
company&#8217;s business model. In November 2013, the IASB released the hedge
accounting part, introducing a new hedge accounting model, together with
associated disclosures about risk management activity. Impairment of financial
assets, the third part of the project, is still under development. </font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></i></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Replacing the multiple rules in IAS 39, the
first part of IFRS 9 uses a new approach to determine whether a financial asset
is measured at amortized cost or fair value and is based on how a company manages
its financial instruments and the contractual cash flow characteristics of the
financial assets. The majority of the requirements in IAS 39 for classification
and measurement of financial liabilities were carried forward in IFRS 9; however,
the portion of the changes in fair value related to the company&#8217;s own credit
risk, in measuring a financial liability at FVTPL, will be presented in OCI
rather than in the income statement. The new hedge accounting model represents
a substantial overhaul of hedge accounting that will enable companies to better
reflect their risk management activities in their financial statements.</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The initial mandatory effective date of
IFRS 9, set for annual periods beginning on or after January 1, 2015, has been
removed by the IASB, and a new date will be determined closer to project
completion, however, early application is permitted. We are currently
evaluating the impact of the standard on our consolidated financial statements.</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In June 2013, the IASB amended IAS 39 to
provide relief from discontinuing hedge accounting when novation of a
derivative designated as a hedging instrument meets certain criteria. This amendment
will be effective for our fiscal year beginning on <br>
April 1, 2014. Similar relief will be included in IFRS 9.</font></font></p>

<p style="line-height:normal;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Employee benefits</font></b></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In November 2013, the IASB amended IAS
19, Employee benefits. The amendment simplifies the accounting for
contributions to defined benefit plans that are independent of the number of
years of employee service, for example, employee contributions that are
calculated according to a fixed percentage of salary. The amendment is
effective for annual periods beginning on or after January&nbsp;1,&nbsp;2015,
with earlier application permitted. We are currently evaluating the impact of
the amendment on our consolidated financial statements. </font></font></p>

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<p style="margin-bottom:3.0pt;margin-left:.4in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">11.3</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-CA style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-CA style="font-size:9.5pt;">Use of judgements, estimates and assumptions</font></b></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The
preparation of the consolidated financial statements requires our management to
make judgements, estimates and assumptions that affect the application of
accounting policies, the reported amounts of assets and liabilities and disclosures
at the date of the consolidated financial statements, as well as the reported
amounts of revenues and expenses for the period reported. We also require
management to exercise its judgement in applying our accounting policies. The
areas involving a high degree of judgement or complexity, or areas where
assumptions and estimates are significant to the consolidated financial
statements are disclosed below. Actual results could differ from those
estimates. Changes will be reported in the period in which they are identified.</font></font></p>

<p style="line-height:normal;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Business combinations</font></b></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Business
combinations are accounted for in accordance with the acquisition method; thus,
on the date that control is obtained. The consideration transferred and the acquiree&#8217;s
identifiable assets, liabilities and contingent liabilities are measured at
their fair value. Depending on the complexity of determining these valuations,
we either consult with independent experts or develop the fair value internally
by using appropriate valuation techniques which are generally based on a
forecast of the total expected future net discounted cash flows. These
evaluations are linked closely to the assumptions made by management regarding
the future performance of the related assets and the discount rate. Contingent consideration
is measured at fair value using a discounted cash flow model based on expected
revenues.</font></font></p>

<p style="line-height:normal;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Development costs</font></b></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Development
costs are recognized as intangible assets and are amortized over their useful
lives when they meet the criteria for capitalization. Forecasted revenue and
profitability for the relevant projects are used to assess compliance with the
capitalization criteria and to assess the recoverable amount of the assets.</font></font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9.0pt;">Management&#8217;s Discussion and Analysis</font></font></p>


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<p style="line-height:normal;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Impairment of non-financial assets</font></b></font><font face=helvetica,sans-serif><i><font lang=EN-CA style="font-size:8.5pt;">&#160; &nbsp;</font></i></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Our
impairment test for goodwill is based on internal estimates (level 3) of fair
value less costs of disposal calculations and uses valuation models such as the
discounted cash flows model. The cash flows are derived from the projections approved
by management for the next five years. Cash flow projections take into account
past experience and represent management&#8217;s best estimate about future
developments and form part of our strategic plan approved annually by our Board
of Directors. Cash flows after the five-year period are extrapolated using
estimated growth rates. Key assumptions which management has based its
determination of fair value less costs of disposal include estimated growth
rates, post-tax discount rates and tax rates. The post-tax discount rates were
derived from the respective cash generating units&#8217; representative weighted
average cost of capital which range from 7.5% to 14.0%. These estimates,
including the methodology used, can have a material impact on the respective
values and ultimately the amount of any goodwill impairment. </font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Likewise,
whenever property, plant and equipment and intangible assets are tested for
impairment, the determination of the assets&#8217; recoverable amount involves the
use of estimates by management and can have a material impact on the respective
values and ultimately the amount of any impairment.</font></font></p>

<p style="line-height:normal;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="line-height:normal;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Revenue
recognition</font></b></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The
percentage-of-completion method requires us to estimate the work performed to
date as a proportion of the total work to be performed. Management conducts
monthly reviews of its estimated costs to complete, percentage-of-completion
estimates and revenues and margins recognized, on a contract-by-contract basis.
The impact of any revisions in cost and earnings estimates is reflected in the
period in which the need for a revision becomes known. </font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></b></font></p>

<p style="line-height:normal;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Defined
benefit pension plans</font></b></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">The
cost of defined benefit pension plans and the present value of the employee
benefits obligations are determined using actuarial valuations. Actuarial
valuations involve making assumptions about discount rates, future salary
increases, mortality rates and future pension increases. All assumptions are
reviewed at each reporting date. Any changes in these assumptions will impact
the carrying amount of the employee benefits obligations and the cost of the
defined benefit pension plans. In determining the appropriated discount rate,
management considers the interest rates of high quality corporate bonds that
are denominated in the currency in which the benefits will be paid, and that
have terms to maturity approximating the terms of the related pension
liability. The mortality rate is based on publicly available mortality tables
for the specific country. Future salary increases and pension increases are
based on expected future inflation rates for the specific country.</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Other
key assumptions for pension obligations are based, in part, on current market
conditions. See Note 14 of our consolidated financial statements for further
details regarding assumptions used.</font></font></p>

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<p style="line-height:normal;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Government
assistance repayments</font></b></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">In
determining the amount of repayable government assistance, assumptions and
estimates are made in relation to discount rates, expected revenues and the
expected timing of revenues. Revenue projections take into account past
experience and represent management&#8217;s best estimate about the future. Revenues
after a five-year period are extrapolated using estimated growth rates, ranging
from 5% to 9%, over the period of repayments. The estimated repayments are
discounted using average rates ranging <br>
from 6% to 8.5% based on terms of similar financial instruments. These
estimates, along with the methodology used to derive the estimates, can have a
material impact on the respective values and ultimately any repayable
obligation in relation to government assistance. A 1% increase to the growth
rates would increase the royalty obligation at March 31, 2014 by approximately
$9.4 million (2013 &#8722; $10.2 million).</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:normal;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Share-based
payments</font></b></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We
measure the cost of cash and equity-settled transactions with employees by
reference to the fair value of the related instruments at the date at which
they are granted. Estimating fair value for share-based payments requires
determining the most appropriate valuation model for a grant, which is
dependent on the terms and conditions of the grant. This also requires making
assumptions and determining the most appropriate inputs to the valuation model
including the expected life of the option, volatility and dividend yield.</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:normal;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><b><font lang=EN-CA style="font-size:8.5pt;">Income
taxes</font></b></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">We
are subject to income tax laws in numerous jurisdictions. Judgement is required
in determining the worldwide provision for income taxes. The determination of
tax liabilities and assets involve certain uncertainties in the interpretation
of complex tax regulations. We provide for potential tax liabilities based on
the weighted average probability of the possible outcomes. Differences between
actual results and those estimates could have an effect on the income tax
liabilities and deferred tax liabilities in the period in which such
determinations are made. </font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">&nbsp;</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">Deferred
tax assets are recognized to the extent that it is probable that taxable profit
will be available against the losses that can be utilised. Significant
management judgement is required to determine the amount of deferred tax assets
that can be recognized, based upon the likely timing and the level of future
taxable profits together with future tax planning strategies. The recorded
amount of total deferred tax assets could be altered if estimates of projected
future taxable income and benefits from available tax strategies are lowered,
or if changes in current tax regulations are enacted that impose restrictions
on the timing or extent of our ability to utilise future tax benefits.</font></font></p>









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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">50</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management&#8217;s Discussion and Analysis</font></font></font></p></div>

<p style="margin:9pt 0in 3pt 50.1pt;text-align:justify;text-indent:-50.1pt;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10pt;">12.</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7pt;">&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10pt;">CONTROLS AND PROCEDURES</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The internal auditor reports regularly to management on any weaknesses it finds in our internal controls and these reports are reviewed by the Audit Committee.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">In accordance with National Instrument 52-109 issued by the Canadian Securities Administrators (CSA), certificates signed by the President and Chief Executive Officer (CEO) and the Chief Financial Officer (CFO) have been filed. These filings certify the appropriateness of our disclosure controls and procedures and the design and effectiveness of the internal controls over financial reporting.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in 0in 0.4in;page-break-after:avoid;text-indent:-0.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">12.1</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">Evaluation of disclosure controls and procedures</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Our disclosure controls and procedures are designed to provide reasonable assurance that information is accumulated and communicated to our President and CEO and CFO and other members of management, so we can make timely decisions about required disclosure.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Under the supervision of the President and CEO and the CFO, management evaluated the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e) under </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">U.S. Securities Exchange Act of 1934</font></i></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">, as of March&nbsp;31, 2014. The President and CEO and the CFO concluded from the evaluation that the design and operation of our disclosure controls and procedures were effective as at March&nbsp;31,&nbsp;2014, and ensure that information is recorded, processed, summarized and reported within the time periods specified under Canadian and U.S. securities laws.</font></font></p>

<p style="margin:9pt 0in 3pt 0.4in;page-break-after:auto;text-indent:-0.4in;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">12.2</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7pt;">&nbsp;&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:9.5pt;">Internal control over financial reporting</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">Management is responsible for establishing and maintaining adequate internal controls over financial reporting, as defined in Rule 13a-15(f) and 15d-15(f) under the </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">U.S. Securities Exchange Act of 1934</font></i></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting, and the preparation of consolidated financial statements for external purposes in accordance with IFRS. Management evaluated the design and operation of our internal controls over financial reporting as of March&nbsp;31,&nbsp;2014, based on the framework and criteria established in </font></font><font face=Helvetica,sans-serif><i><font lang=EN-US style="font-size:8.5pt;">Internal Control &#8211; Integrated Framework </font></i></font><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">(1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and has concluded that our internal control over financial reporting is effective. Management did not identify any material weaknesses.</font></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">There were no changes in our internal controls over financial reporting that occurred during fiscal year 2014 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:9pt 0in 3pt 50.1pt;text-align:justify;text-indent:-50.1pt;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10pt;">13.</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7pt;">&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10pt;">OVERSIGHT ROLE OF AUDIT COMMITTEE AND BOARD OF DIRECTORS</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The Audit Committee reviews our annual MD&amp;A and related consolidated financial statements with management and the external auditor and recommends them to the Board of Directors for their approval. Management and our internal auditor also provide the Audit Committee with regular reports assessing our internal controls and procedures for financial reporting. The external auditor reports regularly to management on any weaknesses it finds in our internal control, and these reports are reviewed by the Audit Committee.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<p style="margin:9pt 0in 3pt 50.1pt;text-align:justify;text-indent:-50.1pt;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10pt;">14.</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7pt;">&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10pt;">ADDITIONAL INFORMATION</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">You will find additional information about CAE, including our most recent AIF, on our website at www.cae.com, or on SEDAR at www.sedar.com or on EDGAR at www.sec.gov.</font></font></p>

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<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">51</font></font></p>

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<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management's Discussion and Analysis</font></font></p></div>

<p style="margin:9pt 0in 3pt 50.1pt;text-align:justify;text-indent:-50.1pt;"><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10pt;">15.</font></b></font><font color=#777777 face="times new roman"><b><font lang=EN-US style="font-size:7pt;">&nbsp; </font></b></font><font color=#777777 face=Helvetica,sans-serif><b><font lang=EN-US style="font-size:10pt;">SELECTED FINANCIAL INFORMATION</font></b></font></p>

<p style="line-height:9.5pt;margin:0in 0in 0pt;text-align:justify;"><font face=Helvetica,sans-serif><font lang=EN-US style="font-size:8.5pt;">The following table provides selected quarterly financial information for the years 2012 through to 2014.</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

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<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:750pt;">
 <tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=46% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">(amounts in millions, except per share amounts and exchange rates)</font></i></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q1</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q2</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q3</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Q4</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Fiscal 2014<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:13.5pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">530.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">487.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">513.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">583.4&nbsp;</font></b></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2,114.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Net income<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">45.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">38.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">47.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">59.9&nbsp;</font></b></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">191.1&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Equity holders of the Company<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">45.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">38.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">46.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">60.0&nbsp;</font></b></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">190.0&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:13.5pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Non-controlling interests<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(0.2)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(0.1)</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">(0.1)</font></b></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.1&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Basic EPS attributable to equity holders of the Company<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.18&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.15&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.18&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.23&nbsp;</font></b></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.73&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Diluted EPS attributable to equity holders of the Company<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.18&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.15&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.18&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.23&nbsp;</font></b></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.73&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average number of shares outstanding (basic)<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">260.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">261.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">261.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">262.7&nbsp;</font></b></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">261.3&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average number of shares outstanding (diluted)<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">260.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">261.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">262.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">264.0&nbsp;</font></b></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">261.9&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average exchange rate, U.S. dollar to Canadian dollar<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.02&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.04&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.05&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.10&nbsp;</font></b></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.05&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average exchange rate, Euro to Canadian dollar<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.34&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.38&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.43&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.51&nbsp;</font></b></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.41&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average exchange rate, British pound to Canadian dollar<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.57&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.61&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.70&nbsp;</font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.83&nbsp;</font></b></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.68&nbsp;</font></b></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Fiscal 2013<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">462.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">506.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">500.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">565.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2,035.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Net income<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">21.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">35.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">37.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">45.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">140.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Equity holders of the Company<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">21.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">35.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">37.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">43.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">137.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Non-controlling interests<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(0.3)</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Basic EPS attributable to equity holders of the Company<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.08&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.14&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.14&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.17&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.53&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Diluted EPS attributable to equity holders of the Company<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.08&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.14&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.14&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.17&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.53&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average number of shares outstanding (basic)<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">258.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">258.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">259.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">259.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">259.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average number of shares outstanding (diluted)<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">258.6&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">259.0&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">259.5&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">260.2&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">259.4&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average exchange rate, U.S. dollar to Canadian dollar<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.01&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.00&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.99&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.01&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.00&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average exchange rate, Euro to Canadian dollar<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.30&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.25&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.29&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.33&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.29&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average exchange rate, British pound to Canadian dollar<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.60&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.57&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.59&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.57&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.58&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Fiscal 2012</font></b></font><sup><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1&nbsp;</font></font></sup></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Total</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">427.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">433.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">453.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">506.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,821.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Net income<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">43.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">38.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">46.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">53.7&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">182.0&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Equity holders of the Company<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">43.1&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">38.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">45.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">53.2&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">180.3&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Non-controlling interests<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.4&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.5&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.7&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Basic EPS attributable to equity holders of the Company<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.17&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.15&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.18&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.21&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.70&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Diluted EPS attributable to equity holders of the Company<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.17&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.15&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.18&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.21&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.70&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average number of shares outstanding (basic)<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">257.0&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">257.3&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">257.6&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">257.9&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">257.5&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average number of shares outstanding (diluted)<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">258.0&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">258.0&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">258.0&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">258.6&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">258.2&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average exchange rate, U.S. dollar to Canadian dollar<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.97&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.98&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.02&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.00&nbsp;</font></font></p></td>
 <td valign=top width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.99&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average exchange rate, Euro to Canadian dollar<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.39&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.38&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.38&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.31&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.37&nbsp;</font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average exchange rate, British pound to Canadian dollar<sup> </sup></font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.58&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.58&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.61&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.57&nbsp;</font></font></p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=10% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.58&nbsp;</font></font></p></td>
 </tr>
<tr style="height:6pt;page-break-inside:avoid;">
  <td valign=bottom width=2% style="background:white;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=41% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=3% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=9% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=17 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">(1)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:8pt;"> Figures have not been restated to reflect the adoption of IFRS 11 and IAS 19. Refer to Changes in accounting policies for further details.</font></font></p></td>
 </tr>
<tr>
  <td width=2%>&nbsp;</td>
 <td width=41%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=7%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 <td width=3%>&nbsp;</td>
 <td width=9%>&nbsp;</td>
 <td width=1%>&nbsp;</td>
 </tr>
</table></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">52</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_54"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management's Discussion and Analysis</font></font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=18 valign=bottom width=99% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Selected segment information </font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=3% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=35% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:11.25pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=38% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">(amounts in millions, except operating margins)</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">Q4-2014</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">Q4-2013</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">FY2014</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">FY2013</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:11.25pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">FY2012<sup>1&nbsp;</sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Civil segments</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Simulation Products/Civil</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">125.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">143.4&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">461.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">456.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">342.5&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Segment operating income</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">21.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">25.8&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">83.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">88.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">51.6&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">Operating margins (%)</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">16.9&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">18.0&nbsp;</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">18.1&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">19.3&nbsp;</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">15.1&nbsp;</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Training &amp; Services/Civil</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">198.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">176.1&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">715.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">659.8&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">498.4&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Segment operating income</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">36.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">24.9&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">96.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">100.7&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">122.2&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">Operating margins (%)</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">18.6&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">14.1&nbsp;</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">13.5&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">15.3&nbsp;</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">24.5&nbsp;</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Total Civil segments</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">323.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">319.5&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1,176.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,116.6&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">840.9&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Segment operating income</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">58.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">50.7&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">179.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">188.9&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">173.8&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">Operating margins (%)</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8pt;">17.9&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">15.9&nbsp;</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">15.3&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">16.9&nbsp;</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">20.7&nbsp;</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Military segments</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Simulation Products/Military</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">140.5&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">153.1&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">529.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">562.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">619.2&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Segment operating income</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">19.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">19.4&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">77.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">80.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">101.2&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">Operating margins (%)</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">13.7&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">12.7&nbsp;</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">14.6&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">14.2&nbsp;</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">16.3&nbsp;</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Training &amp; Services/Military</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">89.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">64.0&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">292.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">244.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">278.1&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Segment operating income</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">8.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">8.8&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">30.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">27.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">40.9&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">Operating margins (%)</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">9.7&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">13.8&nbsp;</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">10.4&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">11.2&nbsp;</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">14.7&nbsp;</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Total Military segments</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">230.3&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">217.1&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">822.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">806.5&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">897.3&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Segment operating income</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">28.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">28.2&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">107.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">107.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">142.1&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">Operating margins (%)</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">12.2&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">13.0&nbsp;</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">13.1&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">13.3&nbsp;</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">15.8&nbsp;</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">New Core Markets segment</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">29.6&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">29.0&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">116.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">112.1&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">83.0&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Segment operating income (loss)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.8&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">4.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">6.4&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(13.8)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">Operating margins (%)</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">0.7&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">6.2&nbsp;</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">3.6&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">5.7&nbsp;</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Total</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">583.4&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">565.6&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2,114.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2,035.2&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,821.2&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Segment operating income</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">86.2&nbsp;</font></b></font></p></td>
 <td valign=top width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">80.7&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">291.8&nbsp;</font></b></font></p></td>
 <td valign=top width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">302.7&nbsp;</font></font></p></td>
 <td valign=top width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">302.1&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=39% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">Operating margins (%)</font></i></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">14.8&nbsp;</font></i></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">14.3&nbsp;</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><i><font style="font-size:8.5pt;">13.8&nbsp;</font></i></b></font></p></td>
 <td valign=top width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">14.9&nbsp;</font></i></font></p></td>
 <td valign=top width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;">16.6&nbsp;</font></i></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=38% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Other</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(13.8)</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">-&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">(68.7)</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">-&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=38% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Operating profit</font></b></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">86.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">66.9&nbsp;</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">$</font></b></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">291.8&nbsp;</font></b></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">234.0&nbsp;</font></font></p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">$</font></font></p></td>
 <td colspan=2 valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">302.1&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:7.5pt;page-break-inside:avoid;">
  <td valign=bottom width=3% style="background:white;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=35% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=4% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:7.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=18 valign=bottom width=99% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;text-align:justify;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">(1)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:8pt;"> Figures have not been restated to reflect the adoption of IFRS 11 and IAS 19. Refer to Changes in accounting policies for further details.</font></font></p></td>
 <td valign=bottom width=1% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
</table></div>

<div>

<p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">CAE Annual Report 2014 | </font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">53</font></font></p>

<p style="margin:0in 0in 0pt;">&nbsp;</p></div></div>

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

<div style="page-break-before:always;">&nbsp;</div>

&nbsp; <a name="page_55"></a>

<div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font color=#777777 face=Helvetica,sans-serif><font lang=EN-CA style="font-size:9pt;">Management's Discussion and Analysis</font></font></p></div>

<p style="line-height:0.7pt;margin:0in 0in 0pt;">&nbsp;</p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504pt;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">Selected annual information for the past five years</font></b></font></p></td>
 <td valign=bottom width=8% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">(amounts in millions, except per share amounts)</font></i></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">2014&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">2013&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">2012&nbsp;</font></font><sup><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1&nbsp;</font></font></sup></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">2011&nbsp;</font></font><sup><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1&nbsp;</font></font></sup></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">IFRS<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">2,114.9&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2,035.2&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,821.2&nbsp;<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,630.8&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Net income<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">191.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">140.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">182.0&nbsp;<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">160.9&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Equity holders of the Company<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">190.0&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">137.7&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">180.3&nbsp;<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">160.3&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Non-controlling interests<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.1&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3.0&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.7&nbsp;<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.6&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average exchange rate, U.S. dollar to Canadian dollar<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.05&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.00&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.99&nbsp;<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.02&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average exchange rate, Euro to Canadian dollar<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.41&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.29&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.37&nbsp;<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.34&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average exchange rate, British pound to Canadian dollar<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1.68&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.58&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.58&nbsp;</font></font><sup><font color=black face=helvetica,sans-serif><i><font style="font-size:8.5pt;"> </font></i></font></sup></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.58&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Financial position:<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Total assets<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">4,236.7&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3,691.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3,183.7&nbsp;<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2,817.3&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=FR-CA style="font-size:8.5pt;">Total non-current financial liabilities<sup>2&nbsp;</sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">1,340.2&nbsp;&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,209.3&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">869.0&nbsp;<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">757.5&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Total net debt<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">856.2&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">813.4&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">534.3&nbsp;<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">383.8&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Per share:<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Basic EPS attributable to equity holders of the Company<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">$</font></b></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.73&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.53&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.70&nbsp;<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.62&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 valign=bottom width=51% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Diluted EPS attributable to equity holders of the Company</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.73&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.53&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.70&nbsp;<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.62&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Dividends<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">0.22&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.19&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.16&nbsp;<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.15&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Total equity<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8.5pt;">5.67&nbsp;</font></b></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">4.43&nbsp;</font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">4.05&nbsp;<sup> </sup></font></font></p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">3.63&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=43% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">(amounts in millions, except per share amounts)</font></i></font></p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2010&nbsp;<sup> </sup></font></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><b><font style="font-size:8pt;">Previous Canadian GAAP<sup> </sup></font></b></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
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<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Revenue<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1,526.3&nbsp;<sup> </sup></font></font></p></td>
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   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Earnings from continuing operations<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">144.5&nbsp;<sup> </sup></font></font></p></td>
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<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Net earnings<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">144.5&nbsp;<sup> </sup></font></font></p></td>
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<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average exchange rate, U.S. dollar to Canadian dollar<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.09&nbsp;<sup> </sup></font></font></p></td>
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<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average exchange rate, Euro to Canadian dollar<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.54&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Average exchange rate, British pound to Canadian dollar<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">1.74&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Financial position:<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Total assets<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">2,621.9&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font lang=FR-CA style="font-size:8.5pt;">Total non-current financial liabilities<sup>2&nbsp;</sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">457.0&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Total net debt<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#5a5a5a 1pt solid;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">179.8&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Per share:<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Basic earnings from continuing operations<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">$</font></font></p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.56&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Diluted earnings from continuing operations<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.56&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Basic net earnings<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.56&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Diluted net earnings<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.56&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Basic dividends<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">0.12&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:13.5pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">Shareholders' equity<sup> </sup></font></font></p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:#777777 1.5pt solid;height:13.5pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;"><font color=black face=helvetica,sans-serif><font style="font-size:8.5pt;">4.52&nbsp;<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:6pt;page-break-inside:avoid;">
  <td valign=bottom width=41% style="background:white;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;">&nbsp;</p></td>
 <td valign=bottom width=2% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=8% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=5% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 <td valign=bottom width=7% style="background:white;border-bottom:black 1pt;border-left-style:none;border-right:black 1pt;border-top-style:none;height:6pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;page-break-after:avoid;text-align:right;">&nbsp;</p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">(1)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:8pt;"> Figures have not been restated to reflect the adoption of IFRS 11 and IAS 19. Refer to </font></font><font color=black face=helvetica,sans-serif><i><font style="font-size:8pt;">Changes in accounting policies</font></i></font><font color=black face=helvetica,sans-serif><font style="font-size:8pt;"> for more details.<sup> </sup></font></font></p></td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=11 valign=bottom width=100% style="background:white;height:12.75pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;page-break-after:avoid;"><sup><font color=black face=helvetica,sans-serif><font style="font-size:8pt;">(2)</font></font></sup><font color=black face=helvetica,sans-serif><font style="font-size:8pt;"> Includes long-term debt, long-term derivative liabilities and other long-term liabilities meeting the definition of a financial liability.<sup> </sup></font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;">&nbsp;</p>

<div><font><font lang=EN-CA><br clear=all></font></font></div></div>

<div>

<p style="margin:0in 0.25in 0pt 0in;"><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;">54</font></font><font face=Helvetica,sans-serif><font lang=EN-CA style="font-size:8.5pt;"> | CAE Annual Report 2014</font></font></p>

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<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>5
<FILENAME>pwcconsentletter2014.htm
<DESCRIPTION>CONSENT OF PRICEWATERHOUSECOOPERS
<TEXT>

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<B><FONT size=2 face="Georgia,Bold,Times New Roman,Times,serif">Consent of Independent Auditor</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Georgia,Times New Roman,Times,serif">We hereby consent to the inclusion in this Annual Report on Form 40-F for the year ended March 31, 2014 of CAE Inc. of our report dated May 15, 2014, relating to the consolidated financial statements, and the effectiveness of internal control over financial reporting, which appears in the Exhibit incorporated by reference in this Annual Report.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Georgia,Times New Roman,Times,serif">We also consent to the incorporation by reference in the Registration Statements on Form S-8 (No.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Georgia,Times New Roman,Times,serif">333 &#150; 97185 and 333 - 155366) of CAE Inc. of our report dated May 15, 2014 referred to above.</FONT></P>
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<P style="text-align: left;">
<FONT size=2 face="Georgia,Times New Roman,Times,serif">Montreal, Quebec</FONT><BR>
<BR>
<FONT size=2 face="Georgia,Times New Roman,Times,serif">June 26, 2014</FONT></P>
<P style="text-align: left;">
<SUP><FONT size=1 face="Georgia,Times New Roman,Times,serif">1 </FONT></SUP><FONT size=1 face="Georgia,Times New Roman,Times,serif">CPA auditor, CA, public accountancy permit No.A123498</FONT></P>
<P style="text-align: left;">
<I><FONT size=2 face="Georgia,Italic,Times New Roman,Times,serif">PricewaterhouseCoopers LLP</FONT></I></P>
<P style="text-align: left;">
<I><FONT size=2 face="Georgia,Italic,Times New Roman,Times,serif">1250 Ren&eacute;-Levesque Boulevard West, Montr&eacute;al, Qu&eacute;bec, Canada H3B 2G4 T: +1 514 205 5000, F: +1 514 205 5675, www.pwc.com/ca</FONT></I></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">&#147;PwC&#148; refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.</FONT></P>
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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>6
<FILENAME>certsection302ceo-signed.htm
<DESCRIPTION>CERTIFICATION OF CEO BY RULE 13A-14(A) OR RULE 15D-14(A)
<TEXT>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CERTIFICATION
REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a), PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">I, Marc
Parent, certify that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">I have reviewed this annual report on Form 40-F
of CAE Inc.;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows
of the issuer as of, and for, the periods presented in this report;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">4.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The issuer&#8217;s other certifying officer and I are
responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f)) for the issuer and have:</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the
issuer, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is
being prepared;</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">designed such internal control over financial
reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles;</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">evaluated the effectiveness of the issuer&#8217;s
disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this report based on such evaluation; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">disclosed in this report any change in the
issuer&#8217;s internal control over financial reporting that occurred during the
period covered by the annual report that has materially affected, or is
reasonably likely to materially affect, the issuer&#8217;s internal control over
financial reporting; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">5.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The issuer&#8217;s other certifying officer and I have
disclosed, based on our most recent evaluation of internal control over
financial reporting, to the issuer&#8217;s auditors and the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">audit
committee of the issuer&#8217;s board of directors (or persons performing the
equivalent functions):</font></p>
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<p style="margin-bottom:12.0pt;margin-left:1.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">all significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the issuer&#8217;s ability
to record, process, summarize and report financial information; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any fraud, whether or not material, that
involves management or other employees who have a significant role in the
issuer&#8217;s internal control over financial reporting.</font></p>

<p style="margin-bottom:48.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Date:&#160;&#160; June
27, 2014</font></p>

<p style="margin-bottom:0in;margin-left:3.0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman" lang=EN-CA style="font-size:12.0pt;">/s/ Marc Parent&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>

<p style="margin-bottom:0in;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-CA style="font-size:12.0pt;">Name: Marc Parent</font></p>

<p style="margin-bottom:0in;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-CA style="font-size:12.0pt;">Title:&#160;&#160; President and Chief Executive Officer</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>7
<FILENAME>certsection302cfosigned.htm
<DESCRIPTION>CERTIFICATION OF CFO BY RULE 13A-14(A) OR RULE 15D-14(A)
<TEXT>

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REQUIRED BY RULE 13a-14(a) OR RULE 15d-14(a), PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">I, St&#233;phane
Lefebvre, certify that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">I have reviewed this annual report on Form 40-F
of CAE Inc.;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows
of the issuer as of, and for, the periods presented in this report;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">4.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The issuer&#8217;s other certifying officer and I are
responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f)) for the issuer and have:</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the
issuer, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is
being prepared;</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">designed such internal control over financial
reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles;</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">evaluated the effectiveness of the issuer&#8217;s
disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this report based on such evaluation; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">disclosed in this report any change in the
issuer&#8217;s internal control over financial reporting that occurred during the
period covered by the annual report that has materially affected, or is
reasonably likely to materially affect, the issuer&#8217;s internal control over
financial reporting; and</font></p>


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</DIV>
<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">5.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The issuer&#8217;s other certifying officer and I have
disclosed, based on our most recent evaluation of internal control over
financial reporting, to the issuer&#8217;s auditors and the audit committee of the
issuer&#8217;s board of directors (or persons performing the equivalent functions):</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">all significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the issuer&#8217;s ability
to record, process, summarize and report financial information; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any fraud, whether or not material, that
involves management or other employees who have a significant role in the
issuer&#8217;s internal control over financial reporting.</font></p>

<p style="margin-bottom:48.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Date:&#160;&#160; June
27, 2014</font></p>

<p style="margin-bottom:0in;margin-left:3.0in;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman" lang=EN-CA style="font-size:12.0pt;">/s/ St&#233;phane Lefebvre&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>

<p style="margin-bottom:0in;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-CA style="font-size:12.0pt;">Name: St&#233;phane Lefebvre</font></p>

<p style="margin-bottom:0in;margin-left:3.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-CA style="font-size:12.0pt;">Title:&#160;&#160; Vice
President, Finance and <br>
Chief Financial Officer</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



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<DOCUMENT>
<TYPE>EX-7
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<FILENAME>certsection906ceo-signed.htm
<DESCRIPTION>CERTIFICATE OF CEO PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
<TEXT>

<HTML>
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</DIV>
<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><b><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">CERTIFICATION REQUIRED BY PURSUANT TO&#160; 18 U.S.C. SECTION 1350,</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><b><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">AS ENACTED PURSUANT TO</font></b></p>

<p align=center style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><b><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">SECTION 906 OF THE U.S. SARBANES-OXLEY
ACT OF 2002</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">CAE Inc. (the
&#8220;Company&#8221;) is filing with the U.S. Securities and Exchange Commission on the
date hereof, its annual report on Form 40-F for the fiscal year ended
March&nbsp;31, 201</font><font face="Times New Roman" lang=EN-CA style="font-size:12.0pt;">4&nbsp;</font><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;"> (the &#8220;Report&#8221;).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">I, Marc
Parent, President and Chief Executive Officer of the Company, certify, pursuant
to 18 U.S.C. section 1350, as enacted pursuant to section 906 of the U.S.
Sarbanes&#8209;Oxley Act of 2002, that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:158.25pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-86.25pt;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">(i)</font><font face="times new roman" lang=X-NONE style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="Times New Roman" lang=X-NONE style="font-size:12.0pt;">the Report fully complies with the requirements
of section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:158.25pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-86.25pt;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">(ii)</font><font face="times new roman" lang=X-NONE style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="Times New Roman" lang=X-NONE style="font-size:12.0pt;">the information contained in the Report fairly
presents, in all material respects, the financial condition and results of
operations of the Company.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-indent:-2.0in;"><u><font face="Times New Roman" lang=FR-CA style="font-size:12.0pt;">/s/ Marc Paren</font></u><u><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></u></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">Marc Parent</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">President and Chief Executive Officer</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">Date: June </font><font face="Times New Roman" lang=FR-CA style="font-size:12.0pt;">27</font><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">, 201</font><font face="Times New Roman" lang=FR-CA style="font-size:12.0pt;">4&nbsp;</font></p>



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<DOCUMENT>
<TYPE>EX-8
<SEQUENCE>9
<FILENAME>certsection906cfo-signed.htm
<DESCRIPTION>CERTIFICATE OF CFO PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
<TEXT>

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</DIV>
<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><b><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><b><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">AS ENACTED PURSUANT TO</font></b></p>

<p align=center style="margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><b><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">SECTION 906 OF THE U.S. SARBANES-OXLEY
ACT OF 2002</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">CAE Inc. (the
&#8220;Company&#8221;) is filing with the U.S. Securities and Exchange Commission on the
date hereof, its annual report on Form 40-F for the fiscal year ended
March&nbsp;31, 201</font><font face="Times New Roman" lang=EN-CA style="font-size:12.0pt;">4&nbsp;</font><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;"> (the &#8220;Report&#8221;).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">I, St&#233;phane
Lefebvre, Vice President, Finance and Chief Financial Officer of the Company,
certify, pursuant to 18 U.S.C. section 1350, as enacted pursuant to section 906
of the U.S. Sarbanes&#8209;Oxley Act of 2002, that: </font></p>

<p style="margin-bottom:12.0pt;margin-left:158.25pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-86.25pt;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">(i)</font><font face="times new roman" lang=X-NONE style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="Times New Roman" lang=X-NONE style="font-size:12.0pt;">the Report fully complies with the requirements
of section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:158.25pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-86.25pt;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">(ii)</font><font face="times new roman" lang=X-NONE style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="Times New Roman" lang=X-NONE style="font-size:12.0pt;">the information contained in the Report fairly
presents, in all material respects, the financial condition and results of
operations of the Company.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-indent:-2.0in;"><u><font face="Times New Roman" lang=FR-CA style="font-size:12.0pt;">/s/ St&#233;phane Lefebvre</font></u><u><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></u></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">St&#233;phane Lefebvre</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">Vice President, Finance and Chief Financial Officer </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">Date: June </font><font face="Times New Roman" lang=FR-CA style="font-size:12.0pt;">27</font><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">, 201</font><font face="Times New Roman" lang=FR-CA style="font-size:12.0pt;">4&nbsp;</font></p>



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