Arctic Glacier

(in thousands of dollars, except per unit data)
Year ended December 31, except as noted

	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998 (8mnths)	1998⁽¹⁾
Sales	249,067	219,249	156,439	114,434	97,170	91,719	91,388	82,114	74,257	41,508	6,574
EBITDA	67,055	59,189	41,013	28,050	24,462	25,004	25,053	21,608	19,015	9,922	423
EBITDA margin (% of sales)	26.9%	27.0%	26.2%	24.5%	25.2%	27.3%	27.4%	26.3%	25.6%	19.2%⁽²⁾	n/a⁽²⁾
Net earnings (loss)	20,450	17,442	15,965	14,301	10,764	9,227	(4,818)	(2,885)	(949)	1,857	(1,016)
Basic earnings (loss) per unit⁽³⁾	0.54	0.57	0.65	0.61	0.59	0.67	(0.84)	(0.52)	(0.20)	0.45	(0.44)
Diluted earnings (loss) per unit⁽³⁾	0.53	0.56	0.65	0.61	0.59	0.66	(0.84)	(0.52)	(0.20)	0.29	(0.44)

Funds from (used in) operations	49,869	45,342	32,498	25,512	20,962	17,249	11,904	9,575	8,544	6,640	(366)

Current assets	34,317	36,616	23,275	30,741	23,177	22,223	15,612	15,286	15,019	10,830	7,042
Working capital	2,611	(6,876)	9,363	15,781	12,105	15,122	5,518	(1,340)	5,529	(814)	4,164
Total assets	496,486	543,492	277,517	287,042	214,657	182,938	187,097	188,312	170,674	129,443	36,157
Long-term debt	150,288	186,063	74,515	112,804	31,580	53,519	122,189	119,267	102,703	62,264	14,523
Unitholders' equity	234,565	238,025	183,256	149,404	166,469	117,618	49,500	52,719	53,825	51,739	18,731

⁽¹⁾ Year ended April 30
⁽²⁾ Unaudited estimate of 12 months ended December 31, 1998, since the year end of The Arctic Group Inc. was changed in 1998 from April 30 to December 31
⁽³⁾ Adjusted to reflect exchange of six common shares for one fund unit on March 22, 2002

EBITDA and distributable cash are not recognized measures under Canadian generally accepted accounting principles (GAAP) and do not have standardized meanings prescribed by GAAP. EBITDA is a performance measure used by management to provide an indication of cash available for distribution from ongoing operations prior to debt service, capital expenditures and income taxes and is often used to compare companies and income trusts on the basis of ability to generate cash from ongoing operations. Distributable cash is a performance measure used by management as an indicator of funds available for distribution to unitholders in an income trust. Management believes that these are useful supplemental measures that may assist investors in assessing the Fund’s financial results.

Investors should be cautioned that EBITDA and distributable cash should not be construed as alternatives to earnings, cash from operations or other financial measures determined in accordance with GAAP as indicators of the Fund’s performance. The Fund’s method of calculating EBITDA and distributable cash may differ from other companies and income trusts and, accordingly, may not be comparable to measures used by them.